India’s retail inflation, as measured by the Consumer Price Index (CPI), and wholesale inflation, as seen in the Wholesale Price Index (WPI), have fallen to record levels, beyond projections of the Reserve Bank of India (RBI) and other agencies. Retail inflation slipped to 1.54% in September, the lowest since June 2017, while wholesale inflation declined to 0.13% on a year-on-year basis, and down from 0.52% in August. For the second time in this fiscal year, the retail inflation rate was below the RBI’s target zone of 2-4%. This fall has been traced to a decline in food prices, including those of vegetables and pulses, despite an increase in the prices of vegetable oil. The consumer food price index fell by over 2%, also accounting for the lower rural inflation in relation to urban inflati

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