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India’s May retail inflation eases amid broadening price pressures

NEW DELHI (Reuters) -India’s retail inflation eased marginally in May, after touching an eight-year high of 7.79% in April, but remained above the central bank’s tolerance band for a fifth month in a row, suggesting it would continue with rate hikes in August. A surge in crude oil and commodity prices since Russia invaded Ukraine in February has pushed up consumer prices globally, forcing many central banks to raise interest rates to tame inflation. Consumer price index-based inflation rose 7.04% in May year-on-year, helped by slower increases in food prices, data released by the National Statistics Office showed on Monday.