While festival demand remains “ebullient” and consumer sentiment is “upbeat”, India has “miles to go” and is “not out of the woods yet” on inflation, according to a report in the Reserve Bank of India’s monthly bulletin.
“We are not out of the woods yet and have miles to go, but readings of around 5 per cent and 4.9 per cent in September and October, respectively, are a welcome relief from the average of 6.7 per cent in 2022-23 and 7.1 per cent in July-August 2023,” the ‘State of the economy’ article in the bulletin said. Headline inflation came down to 4.9 per cent in October from the average of 6.7 per cent in 2022-23 and 7.1 per cent in July-August 2023.
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