 "Inflation, Vegetables, Fruits, Budget 2024")
Annual retail inflation was 3.54 per cent in July, from 5.08 per cent in June.
India’s retail inflation in July to a near five-year low, as food prices eased from previous highs due to a base effect, government data showed on Monday.
Annual retail inflation was 3.54 per cent in July, from 5.08 per cent in June. The latest print is the lowest since August 2019.
Economists polled by Reuters had forecast inflation at 3.65 per cent, based on a higher print in July last year when inflation hit a 15-month peak of 7.44 per cent.
Retail inflation fell below the Reserve Bank of India’s target of 4 per cent largely due to the high-base effect, suggesting the slower pace of price rises was temporary. The inflation rate was last recorded below 4 per cent in September 2019.
Prices of food, which account for nearly half of the retail inflation, rose 5.42 per cent from last year in July, compared to a 9.36 per cent rise in June.
Vegetable prices rose 6.83 per cent year-on-year in July against 29.32 per cent in the previous month.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Aug 12 2024 | 6:04 PM IS