RBI ups inflation target for FY23 to 5.7%

April 08, 2022 11:38

The Reserve Bank of India on Friday raised the retail inflation target for the current financial year to 5.7 per cent on the back of rising global prices amidst the ongoing geo-political tensions, even as it expected the prices of cereals and pulses to soften on prospects of good winter crop harvest.

"Global food prices along with metal prices have hardened significantly. Economy is grappling with a sharp rise in inflation... Inflation is now projected at 5.7 per cent in 2022-23 with Q1 at 6.3 per cent; Q2 at 5 per cent; Q3 at 5.4 per cent and Q4 at 5.1 per cent," RBI Governor Shaktikanta Das said while unveiling the first monetary policy review for the current fiscal year.

In its earlier policy review in February, the RBI had projected retail inflation to be at 4.5 per cent in 2022-23. The apex bank kept the benchmark interest rate -- repo, at which it lends short-term money to banks -- unchanged at 4 per cent. -- PTI

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