Rural people suffered more because of price hikes in AprilAlthough general inflation slowed slightly to 9.74 percent in April from 9.81 percent a month earlier, food inflation increased to 10.22 percent from 9.87 percent. Food inflation was even lower in February – 9.44 percent. Rural people suffered more because of price hikes in April with general inflation growing at 9.92 percent, up from 9.68 percent in March. Amid soaring prices, general inflation hit an 11-year high of 9.94 percent in May 2023, and continued to be a headache for policymakers. It raised the key policy rate by 50 basis points to 8.50 percent in line with its contractionary monetary policy on May 8, making borrowing costlier for banks.
