Indian retail inflation eased to a five month low in April as the nationwide lockdown imposed to try to quell the spread of the coronavirus and subsequent sluggish demand drove price pressures down, a Reuters poll found.
FILE PHOTO: People buy grocery items at a departmental store amid coronavirus fears in Gurugram, India, March 19, 2020. REUTERS/Anushree Fadnavis
Forecasts in the poll ranged between 4.50% and 7.00% and about 80% of participants expected inflation to be below the upper band of the RBI’s inflation target range of 2.00-6.00%. “Although food prices rose in the month - owing to larger supply side constraints - it was more than offset by weaker price pressures across all other components, including domestic fuel prices.”
That inflation rate, if realised, would allow the central bank to keep policy loose to combat the unprecedented impact of the pandemic which has battered the economy.
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