Retail inflation eased to a one-year low of 4.75% in May as prices of some kitchen items declined marginally, according to government data released on Wednesday.

The Consumer Price Index (CPI) based retail inflation was 4.83% in April 2024 and 4.31 per cent in May 2023 (previous low).

Inflation in the food basket was 8.69% in May, marginally down from 8.70 per cent in April, according to the data released by the National Statistical Office (NSO).

Headline inflation has seen sequential moderation since February 2024, albeit in a narrow range from 5.1% in February to 4.8 per cent in April 2024.

The government has tasked the Reserve Bank to ensure the CPI inflation remains at 4% with a margin of 2% on either side.

Earlier this month, the RBI projected the CPI inflation for 2024-25 at 4.5%, with Q1 at 4.9%, Q2 at 3.8%, Q3 at 4.6%, and Q4 at 4.5%.

The central bank mainly factors in the retail inflation while arriving at its bi-monthly monetary policy.

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