January CPI inflation slows to 24-month low of 8.79 pc

Tags: News
The annual consumer price inflation eased more than expected to a 24-month low of 8.79 percent in January, helped by moderating food prices, government data showed on Wednesday.

A Reuters poll had forecast retail inflation would slow to 9.40 percent from an annual 9.87 percent in December.

Food prices for consumers rose 9.90 percent last month from a year earlier, much slower than December's 12.16 percent rise.

The Reserve Bank of India has raised its benchmark interest rate three times since September in a bid to tame stubbornly high inflation.

Last month, a central bank panel proposed revamping its policymaking structure by setting a long-term retail inflation target of 4 percent, plus or minus 2 percent. In the intermediate term, it proposed the goal would be to bring it down to 8 percent by January 2015 and 6 percent by January 2016.

The RBI expects retail inflation to stay above 9 percent in the quarter through March.

EDITORIAL OF THE DAY

  • Mob rage against the Tanzanian woman betrays racial and gender prejudices

    The mob rage in Bangalore against the Tanzanian woman is a national disgrace from which we can never recover even if we punish the wrong doers.

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Sachin Shridhar

VIPism is casteism by another name

Much has been written and lamented about the all-pervasive VIP ...

Zehra Naqvi

‘What if the British never came to India?’

Legendary Canadian writer Margaret Atwood proves as elusive to the ...

Bubbles Sabharwal

It's the life in your years that counts

We are all in a sense pilgrim souls enjoying the ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture