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India’s retail inflation in March showcased over 5.91% from 6.58% in the preceding month with the result to fall down of food prices even as analysts expect the COVID-19 outbreak to be on the print this starting April.
Sources revealed the data that on Monday food inflation declined to 8.79% in March from 10.81% in February. Retail inflation fell down to the Monetary Policy Committee’s (MPC) targeted upper band of 6% since November 2019.
The Statistics Ministry reacts to the missing CPI data resulting in nationwide lockdown in the acceptable limits.
Ministry further added that there are preventive measures taken by NSO and announcement of nation-wide lockdown by the Government to check the spread of COVID-19 pandemic. The field work for price collection of Consumer Price Index (CPI) suspended with effect from 19th March, 2020 and over 66% of price quotations were received. For assessing the price behavior of remaining price quotations, NSO established methodology and practices. The overall impact of missing price data on estimates of CPI at state and national level, Groups at All India level are in the acceptable limits.
RBI revealed the Monetary Policy report, asserting that food prices may arrive at a steady rate under the beneficial effects of the record foodgrain and horticulture production. Due to the collapse in crude prices the work is getting easy inflationary pressure, depending on the level of retail prices.
The quality of crucial retail inflation data is anticipated to fall down due to the lockdown situation and fight against COVID-19. There are still restrictions by the government of India for not providing non-essential business establishments which hamper the efforts of the investigators.