RBI: 7.2 pc GDP growth for 2024-25

RBI Governor Shaktikanta Das, says inflation will moderate from July onwards as the monsoon has improved and global food prices have shown signs of easing in July.

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Das said, “Global food prices showed signs of easing in the month of July after registering an increase since March 2024.”

A degree of relief in food inflation is expected from the pickup in southwest monsoon and healthy progress in Kharif sowing. Buffer stocks of cereals continue to be above the norms, according to RBI Governor Shaktikanta Das.

Das added, “Assuming a normal monsoon and taking into account the 4.9 per cent inflation print, Q1 CPI inflation for the current financial year (2024-25) is projected at 4.5 per cent, with q2 at 4.4 per cent, Q3 at 4.7 per cent and Q4 at 4.3 per cent. CPI inflation for the first quarter of next financial year (Q1 2025-26) is projected at 4.4 per cent.”

The inflation landscape reflects mixed signals, to which Das said, “Headline inflation eased up to 5.1 per cent in June 2024 due to higher than expected food inflation.