Good news for the common man! Retail inflation reduced to 4.59 percent, prices of food and drink also reduced

new Delhi. Amidst the Corona crisis, there has been a relief news for the common people. According to the data released by the central government, in December 2020, a decrease in retail inflation and food inflation has been recorded. According to the Ministry of Statistics, the consumer price index (CPI) -based retail inflation stood at 4.59 percent in December 2020. In November 2020, the rate was 6.93 percent. In other words, these figures related to the retail inflation rate are quite a relief for the common people, the central government and the Reserve Bank of India (RBI). This has increased the scope for a cut in interest rates.

Retail inflation comes down due to decrease in food prices
Retail inflation in October reached the highest level since May 2014. In October, the retail inflation was at 7.61 percent. According to the central government, a decrease in retail inflation has been recorded due to a decrease in food items prices. Food inflation fell to 3.41 per cent in December 2020, from 9.5 per cent in November 2020. Explain that the Reserve Bank takes into account the retail inflation rate in deciding monetary policy.

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According to the Central Government data, industrial production declined during November 2020 and IIP remained at 1.9 per cent. At the same time, this figure was 2.1 percent in November and 4.2 percent in October. The decline in industrial production was due to shortage in mining and construction sector. The manufacturing sector declined by 1.7 per cent during this period, from 3 per cent in the same period a year ago. At the same time, the mining sector declined by 7.3 percent during November 2020. However, during this period, energy production registered a growth of 3.5 percent.