- Tag results for Inflation
Fiscal situation is firmly in control, despite rising oil prices, said Narendra Modi
Union Minister Nirmala Sitharaman rubbished reports of inflation hike post GST roll out and said that the tax reform will reduce the existing tax slab.
Inflation is unlikely to pick up anytime soon as other data on Thursday showed import prices recorded their biggest drop in 15 months in May.
The Consumer Price Index rose only 0.1 percent over January, but jumped 2.7 percent over the past 12 months
Retail inflation rose to a four-month high mainly due to an increase in the prices of food items.
Caution prevailed after retail inflation rose to 4-month high of 3.65 per cent in February and that of wholesale prices shot up to a 39-month high of 6.55 per cent.
The data compares with a 5.90 percent annual rise forecast by economists in a Reuters poll
According to a report by Capital Economics, consumer price inflation dropped in January to 3.2 per cent from 3.4 per cent in December, but is likely to rise in February.
Patel has faced some criticism from bankers for not adequately guiding the markets on the central bank's thinking.
The new inflation targeting approach by the Monetary Policy Committee and gains from macro-economic stability will help India consolidate gains on price control, the Survey said.
This means annual growth for 2016 was 2 percent, down from 2.2 percent in 2015 and 3.1 percent in 2014.
Figures for December showed inflation in the single currency area stood at 1.1 percent on average and at 1.7 percent in its largest member economy, Germany.
India's wholesale prices rose 3.39 percent year-on-year in December, their fastest pace in two months, government data showed on Monday.
Venezuela grapples with the world's highest inflation rate -- set to hit 475 percent this year, according to the International Monetary Fund.
The inflation ease was helped by a sharp cooling in food prices, government data showed on Tuesday.