India Inflation Eases To 3.16%, The Lowest Since July 2019

(RTTNews) - India's consumer price inflation eased further in April to the lowest level in nearly six years amid a slower rise in food prices, official data revealed on Tuesday.

Consumer price inflation eased more-than-expected to 3.16 percent in April from 3.34 percent in February. The expected rate was 3.27 percent.

Moreover, this was the lowest since July 2019, when prices had risen 3.15 percent.

Food inflation softened to 1.78 percent, the lowest since October 2021, from 2.69 percent a month ago. This significant decline was mainly attributed to the decline in inflation of vegetables, pulses and products, fruits, meat and fish, personal care and effects and cereals and products.

Housing inflation moderated marginally to 3.0 percent from 3.03 percent. Meanwhile, the annual price growth in fuel and light accelerated to 2.92 percent from 1.42 percent.

On a monthly basis, consumer prices moved up 0.31 percent in April.

The latest results will force policymakers to slash interest rates in the upcoming meetings.