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Retail inflation: Retail inflation eased to a 12-month low of 4.75 per cent in May as prices of some kitchen items declined marginally, according to government data released on Wednesday. The Consumer Price Index (CPI) based retail inflation was 4.83 per cent in April 2024 and 4.31 per cent in May 2023 (previous low).

Inflation in the food basket was 8.69 per cent in May, slightly down from 8.70 per cent in April, according to data released by the National Statistical Office (NSO).

Headline inflation has shown a sequential decrease since February 2024, ranging narrowly from 5.1 per cent in February to 4.8 per cent in April 2024.

The government has mandated the Reserve Bank of India (RBI) to maintain CPI inflation at 4 per cent, with a margin of 2 per cent on either side.

Earlier this month, the RBI projected CPI inflation for 2024-25 at 4.5 per cent, with Q1 at 4.9 per cent, Q2 at 3.8 per cent, Q3 at 4.6 per cent, and Q4 at 4.5 per cent.

The central bank primarily considers retail inflation when formulating its bi-monthly monetary policy.

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