India, April 16 -- New Delhi Retail inflation, as measured by Consumer Price Index (CPI), was 4.6% in fiscal year 2024-25, the lowest since 2018-19 when it was 3.4%, vindicating the unambiguous pro-growth pivot in India's monetary policy by theReserve Bank of India.

Even on a quarterly basis - the time frame RBI's Monetary Policy Committee (MPC) uses to make inflation forecasts - headline inflation print was 3.7% in the quarter ending March 31, the first time it has been below the inflation target of 4% since the quarter ending September 2019.

When read with the price of India's crude oil basket falling below $70 per barrel and the India Metrological Department (IMD) forecasting an above normal monsoon this year, this could well be the ...