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LATEST NEWS UPDATES | Consumer price inflation surges to near-8-year high at 7.79% in April

Consumer price inflation surges to near-8-year high at 7.79% in April

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published Published on May 13, 2022   modified Modified on May 13, 2022

-MoneyControl.com

The CPI inflation print for April is above the consensus, with a Moneycontrol poll showing economists saw inflation rising to 7.5 percent

The Reserve Bank of India's (RBI) worst fears have been realised after data showed headline retail inflation surged to 7.79 percent in April - the highest since May 2014.

At 7.79 percent, the Consumer Price Index (CPI) inflation print for April is 84 basis points higher than the March number of 6.95 percent, data released on May 12 by the Ministry of Statistics and Programme Implementation showed.

Inflation was expected to rise sharply last month. However, the print for April is higher than the already elevated consensus estimate, with a Moneycontrol poll showing economists saw inflation rising to 7.5 percent.

Markets have been dreading for the last week what the latest inflation number might be after the Monetary Policy Committee (MPC) voted in favour of a 40-basis-point repo rate hike on May 4 at the conclusion of an unscheduled meeting.

In his statement conveying the decision on May 4, RBI Governor Shaktikanta Das had said inflation was "expected to be elevated" in April.

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MoneyControl.com, 13 May, 2022, https://www.moneycontrol.com/news/business/economy/cpi-inflation-surges-to-near-8-year-high-of-7-79-in-april-8496041.html


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