INFLATION CONTROL: DAS'S EFFORTS TO BRING CPI DOWN TO 4%

Food inflation has also come down, Das said, adding that measures like the Food Corporation of India releasing wheat and rice stocks have also helped

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Governor Shaktikanta Das has said the Reserve Bank will strive to get headline inflation to its 4 per cent target but flagged El Nino as a challenge to its efforts. Das exuded confidence that the economy will grow at 6.5 per cent in FY24, as estimated by the RBI earlier.

The central bank’s rate hikes by a cumulative 2.50 per cent since May last year, coupled with supply-side measures from the government, have helped get the inflation down to 4.25 per cent in May from a peak of 7.8 per cent in April last year, Das said.

“We continue to be watchful on the inflation front. We expect inflation to be at 5.1 per cent in FY24, and we will continue to strive and get it down to 4 per cent,” he added.