India’s inflation will go downward in future, says RBI governor Shaktikanta Das

New Delhi: According to Reserve Bank of India (RBI) Governor Shaktikanta Das, inflation in India is likely to fall in the coming months, and the impact of high inflation has passed its peak.

"Globally, inflation has become a phenomenon. "Inflation has now become global," Das said in an interview with Zee Business on September 2.

"Considering the global situation, we can say that inflation in India peaked in April but is now gradually declining," Das added.

According to the RBI governor, there will be minor ups and downs in the coming months, but the overall trend will be downward. "Inflation will be on a downward trend for a variety of reasons." To begin with, crude oil prices are declining. Commodity and food prices have also fallen," he said.

Das, on the other hand, refused to comment on initiatives that might be announced following the upcoming policy meeting. He stated that it would be difficult and also incorrect to provide any forward guidance on monetary policy because the situation is constantly changing.

India's inflation peaked in April 2022, when the Consumer Price Index (CPI)-based inflation rate reached 7.79 percent. The CPI fell to 6.71 percent in July, down from 7.01 percent in June. It was the first time that retail inflation had fallen below 7% since April 2022.

Das stated that growth in the first quarter was comparatively low and far below the figures predicted by the RBI. He stated that this would be addressed at the upcoming policy meeting. "We have identified some areas and will address them appropriately in the upcoming monetary policy," he explained.

The central bank governor stated that, while growth has been slightly hampered due to inflationary pressures, the RBI has taken steps to mitigate the impact on growth.