Retail inflation cools to 7.04% in May, still above RBI's target band for fifth month in a row

India’s retail inflation came down to 7.04% on an annual basis in May from 7.79% in April owing to easing food prices in the month of May. The overall food inflation grew by 7.97% this month as against 8.31% last month and 5.01% in the corresponding period of last fiscal (FY22). Sequentially, the headline inflation slowed to 0.94 per cent in May from 1.43 per cent in April.