Retail Inflation at Two-Year Low, Industrial Production Grows Over 4% in April
Annual retail inflation in India has reached a two-year low in May, falling to 4.25% from 4.7% in April. This marks the third consecutive month where consumer price index-based inflation has remained within the Reserve Bank’s comfort zone of 6%. The decline in inflation can be attributed to lower food and energy prices. Rural inflation stood at 4.17% while urban inflation was at 4.27%.
Meanwhile, industrial production in the country grew at a rate of 4.2% in April this year, according to official data. The manufacturing sector output increased by 4.9% in April 2023, while mining production grew by 5.1%. This indicates a strong rebound for the industrial sector after facing challenges due to the pandemic.
Key Highlights:
– Annual retail inflation in India falls to 4.25% in May from 4.7% in April, reaching a two-year low.
– Consumer price index-based inflation has remained within the Reserve Bank’s comfort zone of 6% for the third consecutive month.
– Industrial production grew at a rate of 4.2% in April this year, indicating a strong rebound for the sector.
– Manufacturing sector output increased by 4.9% in April 2023, while mining production grew by 5.1%.
The decline in inflation and the growth in industrial production are positive signs for the Indian economy. The government’s efforts to control inflation and stimulate growth through various measures are bearing fruit. The manufacturing sector’s growth is particularly encouraging, as it contributes significantly to the country’s GDP and provides employment opportunities. The government will need to continue its efforts to sustain this growth trajectory and address any challenges that may arise in the future.
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