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  • Publication | 2023
India Development Update Spring 2023
Global Food and Nutrition Security

Highlights:

Headline CPI inflation averaged 6.3 percent in October 2022-February 2023, a percentage lower than that in the first half of FY 22/23 (Figure 2.8). Inflation settled within the Reserve Bank of India’s (RBI) target range (2 – 6 percent) for the first time in 2022 in November and again in December. The moderation in prices was driven by a decline in food inflation, which accounts for almost 40 percent of the national CPI basket. Food prices softened the most for vegetables and fruits, while prices edged up for cereals, spices and protein-based food items (Figure 2.9). The upward pressure on cereals and spices contributed to headline inflation once again rising to above the RBI’s tolerance band in January and February 2023.

Fuel inflation remained moderate over this period, with kerosene prices registering a decline in response to softening international prices. Over the past year, the government implemented several supply-side measures to control inflation – prohibiting wheat exports, imposing export duty on rice and continuing increased entitlements under the food subsidy program to protect vulnerable sections of the population from rising food inflation.

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