Reserve Bank of India (RBI) raised the Consumer Price Index (CPI) inflation to 5.7% from 5.1% for FY22, RBI Governor Shantikanta Das said on Friday during the Monetary Policy announcement.
CPI inflation for the first quarter of 2022-23 is estimated at 5.1%, Das said.
“CPI inflation surprised on the upside in May; price momentum however moderated. Outlook for aggregate demand is improving but underlying conditions are still weak. More needs to be done to restore supply-demand balance in no. of sectors” Das said.
Monetary Policy Committee kept the interest rate unchanged. The repo rates have been fixed at 4%.
