Average inflation dips to 6-yr low of 3.3% in 2017-18: Survey

TIL Desk/Business/New Delhi/ The Economic Survey on Monday said the average retail inflation has declined to a six-year low of 3.3 per cent in 2017-18, with the economy moving towards a more stable price regime.

The Survey for 2017-18 was tabled by Finance Minister Arun Jaitley in Parliament on Monday. He is scheduled to present the last full budget of the current Narendra Modi-led NDA government on February 1.

“Controlling inflation has been a priority area for the central government,” the survey said, adding that inflation in the country continued to moderate during 2017-18.

Consumer Price Index (CPI) based headline inflation, factored in by the Reserve Bank while arriving at its bi-monthly monetary policy, averaged 3.3 per cent during the period which “is the lowest” in the last six financial years.

The decline in inflation was broad-based across major commodity groups except housing and fuel and light. The survey noted that the economy has “witnessed a gradual transition” from a period of high and variable inflation to more stable prices in the last four years.