New Delhi: Once again the era of high inflation is back in the country. In the month of April, the rate of retail inflation has reached 7.79 percent. This is the highest level of retail inflation since Prime Minister Narendra Modi's government was first formed in May 2014. Earlier in March, the rate of retail inflation was 6.95 percent.
After winning the 2014 Lok Sabha elections, Narendra Modi took oath as the Prime Minister on 26 May. At that time the rate of retail inflation was 8.33 percent. For the first time since May 2014, the rate of inflation has reached near 8 percent in April 2022. However, even under Manmohan Singh, inflation had crossed 10 per cent. In the year 2009, at one point retail inflation had even crossed 12 per cent. In 1991, when Manmohan Singh was the Finance Minister, India's retail inflation rate reached 13.50 percent. This is also the all-time high of inflation in India. In fact, the Ministry of Statistics and Program Implementation had released the official data of retail inflation on May 12 itself.
The data shows that retail inflation rose by 0.84 per cent in a month. Although there was already an expectation of a sharp rise in inflation in April, but no one had predicted a growth of 0.84 percent. This time the worst thing related to the era of inflation is that the pace of economic growth is slowing down, posing a threat of stagflation in front of India's economy. When a situation of high inflation and slow growth occurs simultaneously in any economy, it is called stagflation.