Warning of inflation rate 5% or higher

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MUMBAI: Inflation in the country has soared during the Corona period and as a result, inflation is expected to be higher than the Reserve Bank's target.

Brokerage firm UBS Securities has warned that inflation in India could average five per cent during the current financial year, although there is a risk of it going even higher. In May, retail inflation rose to a record high of 7.5 per cent and wholesale inflation to a record high of 12.5 per cent.

Rising prices of edible oils, petrol-diesel and protein-based food items pushed retail inflation to a six-month high of 7.5 per cent, well above the 2-3 per cent limit set by the Reserve Bank. In addition, the rise in crude oil prices has also put pressure on the inflation front.

The CPO inflation is above the Reserve Bank's target of 5 per cent and will average 5 per cent in FY 2021, said UBS Securities' India-based chief economist.

"India is largely self-sufficient in the production of edible oils other than those imported in large quantities," the report said.

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