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Retail inflation spikes to 6.3% in May from 4.2% in April – Times of India

NEW DELHI: Retail inflation based on consumer price index (CPI) spiked to 6.3 per cent in May, mainly due to rise in food prices, data released by government showed on Monday.
Inflation in the food basket was 5.01 per cent in May, significantly up from 1.96 per cent in the preceding month.
The inflation number stood at 4.23 per cent in April.
The Reserve Bank of India (RBI) mainly factors in the retail inflation based on CPI while arriving at its monetary policy.
In its bi-monthly policy review meet held earlier this month, the central bank had left key interest rate unchanged for the six consecutive time.
The RBI’s monetary policy committee (MPC) has been tasked by the government to tame retail inflation based on consumer price index (CPI) at 4 per cent (+,-2 per cent).
Earlier in the day, wholesale price-based inflation (WPI) also accelerated to a record high of 12.94 per cent in May, on rising prices of crude oil and manufactured goods.
This is the fifth staright month of uptick seen in WPI inflation. In April, the data hit double digit at 10.49 per cent.

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