Although inflation has been above 6% in January and February, the RBI had surprised analysts with its low inflation forecast in February.
"In the sequence of priorities, we have now put inflation before growth. Time is appropriate to prioritize inflation ahead of growth," RBI Governor Shaktikanta Das told reporters on April 9.
Customers browsing through goods at a store on the outskirts of New Delhi, India, in February as prices continue to rise, with inflation figures for March nearing 7%.Inflation in India is up sharply and signs point to a continuing upward trend, analysts told CNBC.show retail inflation rose 6.95% in March from a year ago. That marked the third consecutive month that retail inflation breached the central bank's upper tolerance margin of 6%.
Last week, India's central bank revised its inflation forecast upwards — from 4.5% to 5.7% — for the current fiscal year ending March 2023. The RBI also signaled it would pivot from supporting economic growth to containing inflation.
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