TW Newsdesk, May 14: Food inflation increased to 8.38 percent from 7.68 percent in March. Largely driven by increasing fuel and food prices the retail inflation soared to an eight-year high of 7.79 percent in April, the government data revealed on May 12. The consumer price-based inflation figure was held well above the Reserve Bank of India’s (RBI’s) upper tolerance limit for the fourth consecutive month.
Inflation based on the Consumer Price Index (CPI) was 6.95 percent in March 2022 and 4.23 percent in April 2021. Inflation in the food basket increased to 8.38 percent in April from 7.68 percent in the preceding month and 1.96 percent in the year-ago month.