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India's headline retail inflation rate eased to 7.04 per cent in May from April's near-eight-year high of 7.79 per cent thanks to a favourable base effect. The RBI had earlier revised India's inflation projection to 6.7% from the earlier estimate of 5.7% in the MPC's June meeting based on the increase in commodity prices globally. CPI is expected to touch 6.3% average this fiscal from 5.5% in the last. Retail inflation has now been above the RBI's medium-term target of 4 per cent for 32 consecutive months. More worryingly, it has now spent five months above the 6 per cent upper bound of the 2-6 per cent tolerance range. ET Now's Senior Editor Tamanna Inamdar takes a look at the numbers. On the show, we are joined by Madhavi Arora, Lead Economist, Emkay Global and Madan Sabnavis, Chief Economist, Bank Of Baroda to understand the implications...tune in! Subscribe To ET Now For Latest Updates On Stocks, Business, Trading | ► https://goo.gl/SEjvK3 Subscribe Now To Our Network Channels :- Times Now : http://goo.gl/U9ibPb The NewsHour Debate : http://goo.gl/LfNgFF To Stay Updated Download the Times Now App :- Android Google Play : https://goo.gl/zJhWjC Apple App Store : https://goo.gl/d7QBQZ Social Media Links :- Twitter - http://goo.gl/hA0vDt Facebook - http://goo.gl/5Lr4mC G+ - http://goo.gl/hYxrmj Website - www.etnownews.com