The finance ministry on Thursday said measures taken by the RBI and government will squeeze the duration of high inflation fuelled by global factors. Retail inflation has been trending above Reserve Bank's upper tolerance level of 6 per cent for the past three months. "While inflation is expected to be elevated in 2022-23, mitigating action taken by the government and RBI may reduce its duration. Evidence on consumption patterns further suggests that inflation in India has a lesser impact on low-income strata than on high-income groups," the finance ministry's monthly economic review said.
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