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For the year ending in March 2024, HSBC has kept its inflation projection of 5% but sees bigger risks if cereal inflation picks up. Data on rice sowing and rainfall distribution will be crucial in the coming weeks, according to the economists.
Driven primarily by the softening of food prices, India's retail inflation measured by consumer price index (CPI) fell to 5.66% in March 2023 from 6.44% in the previous month.
In April, wholesale price-based inflation hit a new high of 15.08 percent, owing to increased costs in a variety of sectors, including food and commodities. Inflation based on the WPI was 14.55 percent in March and 10.74 percent in April of the previous year.