After averaging 6.7 per cent in 2022-23 (FY23), the consumer price index (CPI)based inflation rate may moderate in the current financial year, the Reserve Bank of India (RBI) has said, noting that risks are decreasing with downward corrections in the global commodity and food prices and the easing of the pass-through from high input cost pressures of last year.
At the same time, India's growth momentum is likely to be sustained in FY24 in an atmosphere of easing inflationary pressures, the RBI said in its annual report for 2022-23, released on Tuesday.
The cumulative increase of 250 basis points in the policy repo rate last year "would steer the disinflationary process", along with supply-side measures to address the transient demand-supply mismatch due to food and energy shocks, the report said. "But for the timely monetary actions, inflation is estimated to have been higher by 90 bps," it added.
The central bank pressed the pause button in April by keeping the policy rate unchanged, though Governor Shaktikanta Das emphasised that it was just a pause and not a pivot, thus retaining the option to tighten the monetary policy further.
This story is from the May 31, 2023 edition of Business Standard.
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This story is from the May 31, 2023 edition of Business Standard.
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