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Retail inflation up to 2.57% in February: Government data

File photo. Photograph:( Zee News Network )

WION Web Team New Delhi, Delhi, India Mar 12, 2019, 05.54 PM (IST)

Consumer inflation in the month of February rose to 2.57 per cent, government data revealed on Tuesday. Consumer inflation was revised to 1.97 per cent in January this year from 2.05 per cent. 

In a surprise move on February 7, the Reserve Bank of India's Monetary Policy Committee (MPC) cut the benchmark repo rate 25 basis points to 6.25 per cent, in its first cut in 18 months.

The MPC, which mainly monitors retail inflation data, also revised down its inflation projections for the period from April to September to 3.2 per cent to 3.4 per cent, from 3.8 per cent to 4.2 per cent.

Inflation pressures have eased in recent months, following falls in food and crude oil prices. India imports nearly 80 per cent of oil it consumes.

Meanwhile, India's industrial output in January rose 1.7 per cent from a year earlier, lower than forecast, government data showed on Tuesday.

January's growth was much slower than the upwardly revised 2.6 per cent year-on-year increase in December, the data showed.

(With inputs from Reuters)