MPC and Inflation: Tracking non-food retail inflation trends in India

If monetary policy cannot influence food inflation, why should it not subject its stance to non-food price spiral?

Amid a debate on the basis of a monetary policy stance, one may be curious enough to know how non-food retail inflation has behaved over the years in India.

Let the eager souls catch a glimpse of facts. In the past 10 years, non-food inflation came down below 4 per cent on two occasions — pre-Covid period of 2019-20 and now in the first four months of the current financial year (FY25). It remained a tad above 4 per cent during 2023-24. It touched the peak of 6.65 per cent a year before. It was also quite