New Delhi, May 14 -- India on Tuesday reported a further dip in retail inflation to 3.16% in April, with the price level a year earlier as the base for this measure, compared with 3.34% in March. Last month's reading is the lowest since July 2019 and the third consecutive month that it has stayed below the Reserve Bank of India's (RBI) 4% target.

Also Read: Mint Quick Edit | Will inflation relief spell a stable rupee this year?

A broader cool-off in food prices was to thank, with food inflation slumping to 1.78% last month. This brightens the prospect of inflation undershooting RBI's 3.6% forecast for the first quarter of 2025-26. With monsoon rainfall expected to be higher than average, the odds favour food prices staying low, so long ...