India's retail inflation increased in July to 4.45%, surpassing the Reserve Bank of India's target of 4% for the second month this year.
According to data released by the Ministry of Statistics and Programme Implementation, India's retail inflation accelerated to 4.45% on an annual basis in July. This marks the second consecutive month that inflation has exceeded the Reserve Bank of India's (RBI) target of 4%. The July inflation reading was moderately higher than the 4.38% recorded in June, primarily due to elevated food prices.
The current print is the highest reading under the new 2024-base year Consumer Price Index (CPI) series. Inflation in rural areas increased to 4.84%, while in urban regions it rose to 3.96%. The food inflation rate, based on the All India Consumer Food Price Index, stood at 5.52% last month, up from 5.32% in the preceding month.
The increase in inflation in July was mainly attributed to rising prices in personal care, social protection, restaurants and accommodation services, food and beverages, and intoxicants. The top items showing high inflation at the all India combined level included Silver, Gold, Diamond and Platinum Jewellery, Ginger, Garlic, and Onion. In contrast, items with the lowest inflation included Potato, Motor Car and Jeep, Lady’s finger, Peas, and Tomato.
Source:
Akashvani News
