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In the last few months, the Narendra Modi government at the Center has taken several important steps to control inflation. The LPG cylinder price has also been reduced by Rs 200 in this range. Now the government has said that due to this decision overall inflation has come under control.
What is in the report?
According to a recent report released by the Ministry of Finance, “According to the latest release of the Consumer Price Index (CPI), retail inflation was 5 percent in September, which was below the upper bound of the inflation target. This indicates that “inflation during July-August The increase was only temporary due to seasonal and weather-induced supply constraints in some food items.” Only 11.4 per cent of the 299 items in the food CPI basket showed double-digit inflation in July. However, it declined significantly in September to seven per cent.
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Reduction in LPG inflation rate
According to the report, LPG inflation fell to minus 12.7 percent in September, compared to minus 4.2 percent in August, on the back of a Rs 200 per cylinder cut in domestic LPG prices. Core (non-food, non-fuel) inflation eased to 4.5 percent in September from 4.9 percent in August. This is the lowest core inflation recorded in the last 42 months. Moreover, August was the seventh consecutive month when core inflation stayed within the RBI’s upper limit of six percent.
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“Recent price trends also confirm RBI’s monetary policy stance over the last one-and-a-half years. Inflation eased to 5.5 per cent in the first half of the current financial year, compared to 7.2 per cent in the first half of 2022-23. H1 and 6.2 per cent in H2 2022-23 Further, the September round of RBI’s inflation expectations survey also showed a decline in household inflation expectations for three months and one year ahead to 0.90 percent and 0.40 percent, respectively.