RBI projects retail inflation at 5.3% for next fiscal

The Reserve Bank of India (RBI) forecasts retail inflation at 6.5% for FY2022-23, and 5.3% for the next fiscal year.

By Aryan Jakhar Published on February 8, 2023, 10:37 IST Last updated February 8, 2023, 10:37 IST

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The Reserve Bank of India (RBI) has predicted retail inflation at 6.5% for FY2022-23, and 5.3% for the next year, Governor Shaktikanta Das revealed on Wednesday, February 8, 2023, during the announcement of the Monetary Policy statement.

It has also raised the repo rate by 25 basis points. The central bank lifted the main benchmark interest rate by 35 basis points in its December monetary policy review (bps).

“FY23 gross domestic product (GDP) growth estimate increased to 7% from 6.8%. RBI projects GDP growth at 6.4% for 2023-24,” the Governor said.

Aryan Jakhar

Aryan Jakhar is currently a third-year undergraduate student at the Manipal University Jaipur. He is a media enthusiast and is passionate about content writing. Aryan is currently working as a Sub-Editor for Business Upturn.