Retail inflation declined to a one-year low of 5.72 per cent in December 2022, mainly due to softening prices of food items, according to official data released on Thursday.

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Inflation in India’s retail market fell to its lowest level in a year in December, according to data released by the Ministry of Statistics and Programme Implementation.

The Consumer Price Index (CPI) for the month of December 2020 stood at 5.72%, a decrease of 0.2% from the November 2020 figure of 5.54%. This marks the lowest inflation rate since December 2019, when it was 5.54%.

The decline was mainly due to a decrease in the prices of food items, which fell to 5.11% in December from 6.06% in November. This was mainly due to a decline in prices of vegetables, which fell to 3.36% in December from 6.93% in November.

The prices of fuel and light also fell to 7.95% in December from 8.53% in November. This was mainly due to a decline in the prices of petrol and diesel, which fell to 6.47% in December from 8.45% in November.

Inflation in the housing sector also declined to 6.20% in December from 6.37% in November. This was mainly due to a decline in the prices of rent, which fell to 4.95% in December from 5.19% in November.

The Reserve Bank of India (RBI) had earlier estimated that the CPI inflation for December would be 5.8%. The central bank is expected to review the inflation rate when it meets for its bi-monthly monetary policy review on February 5.

The fall in inflation is a positive sign for the Indian economy, which has been struggling with low growth in recent months. It is expected that the low inflation rate will help to boost consumer spending and investment, which will in turn help to revive the economy.