RBI Revises Downwards CPI Inflation Projection To 5.2% For FY24; Q1 Inflation To Be 5.1%

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RBI Governor Shaktikanta Das says the global inflation has moderated in the recent month

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RBI Governor Shaktikanta Das on Thursday said the central bank expects the retail inflation to moderate in the current financial year to 5.2 per cent, compared with the earlier forecast of 5.3 per cent. The inflation is likely to be at 5.1 per cent in Q1.

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While presenting the first bi-monthly monetary policy statement of FY24, RBI Governor Shaktikanta Das on Thursday said the global inflation has moderated in the recent month. He, however, said that in India, core inflation remains sticky.

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The RBI MPC on Thursday unanimously decided to keep the repo rate unchanged at 6.50 per cent. The pause comes after six consecutive rate hikes since May 2022, and the RBI has raised the repo rate by 250 bps since then. The RBI MPC also voted to remain focussed on ‘withdrawal of accommodation’ by 5:6 majority. This is to ensure that inflation aligns with target while focussing on growth.