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The Reserve Bank of India (RBI) governor on Wednesday said that the recent decision of the central government to cut the excise duty on diesel and property is a positive for inflation. Food inflation is under control, however core inflation continues to remain elevated, he added.
Close watch on fuel inflation
He also said that inflation in India is mainly caused by the supply-side factors, which have been addressed by the government.
The supply-side factors is particularly in reference to pulses and edible oils, and now very recently with reference to petrol and diesel, which have been addressed by the government. All these have augured well for the inflation scenario.
He further noted that core inflation has remain elevated, and that is a policy challenge, and we are keeping a very close watch of the evolution of the core inflation. Even the fuel inflation has remained on the higher side, and the central bank is closely monitoring it.