What was India's retail inflation rate in May 2024?

ANS:C - 4.75%

In May 2024, India's retail inflation rate was recorded at 5.8%, reflecting a slight increase from previous months. This inflation rate, measured by the Consumer Price Index (CPI), indicates the percentage change in the average price level of a basket of goods and services purchased by households over the year. The uptick in inflation was influenced by a combination of factors, including higher prices for food items, fuel, and other essential goods and services. The increase in retail inflation has been attributed to supply chain disruptions, rising global commodity prices, and domestic factors affecting the cost of living. The inflationary pressures were particularly pronounced in the food and beverage sector, which experienced higher prices for key staples such as vegetables, fruits, and cereals. Fuel costs also contributed to the overall rise in consumer prices, impacting transportation and household expenses. The Reserve Bank of India (RBI) and other policymakers closely monitor retail inflation as it directly affects purchasing power and the cost of living for consumers.