Inflation declines to 11.61% in May

The previous high in retail inflation was in January this year at 5.7 per cent

The report further showed that the urban inflation eased by 12.08 per cent (year-on-year) in May from 12.89 per cent recorded in April.

Official data released yesterday said retail inflation jumped to a four-month high of 4.87 per cent in May on costlier food items such as fruits, vegetables and cereals, coupled with high fuel rates.

The RBI in its bid to tighten inflation, increased repo rate last week, for the first time in more than four years.

Also, on a month-on-month basis, the Food sub-index increased by 1.33% in the month of May 2018, it went up by 0.42% from 0.91% that was recorded in the previous month of April.

RBI had said the decision of the Monetary Policy Committee to hike the rate was consistent with the neutral stance and in consonance with the objective of achieving the medium-term target for CPI inflation of 4 per cent within a band of (+/-) 2 per cent, while supporting growth.

The Consumer Prices Index including owner-occupiers' housing costs (CPIH) - the ONS' preferred measure of inflation - was 2.3 per cent in May, up from 2.2 per cent in April 2018.

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This, it noted was down by 0.2 per cent from the rate recorded in April, which was 10.9 per cent.

The overall consumer food price index shot up to 3.10 per cent in May, from 2.80 per cent in April, as per the Central Statistics Office (CSO).

India's annual retail inflation accelerated in May to 4.87 percent, government data showed on Tuesday, mainly driven by faster increases in fuel prices and a fall in the local currency, which pushes up prices of imported goods.

The percentage change in the average composite CPI for the twelve months period ending May 2018 over the average the average of the CPI for the previous twelve months period was 14.79 percent, showing 0.41 percent point lower from 15.20 percent recorded in April 2018.

On month-on-month basis, the core sub-index increased by 0.98 per cent in May 2018, up by 0.11 per cent when compared with 0.87 per cent recorded in April.

Ben Brettell, senior economist at Hargreaves Lansdown, said: "Some will say these figures add weight to the case for higher rates". Yobe State (13.68%) and Jigawa State (13.62%) followed in that order, while Kwara State (8.87%) recorded the slowest rise in price during the period.

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