CPI Based Inflation: Retail inflation drops to 5.59% in July, thanks to lower food prices

CPI Based Inflation: The Consumer Price Index (CPI) based on inflation was 6.26 percent in June this year and 6.73 percent in July 2020.

CPI Based Inflation: Inflation in retail trade fell to 5.59% in July, mainly due to falling food prices, official data released by the Ministry of Statistics and Development said on Thursday program implementation.

Inflation based on the Consumer Price Index was 6.26% in June of this year and 6.73% in July 2020.

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Retail price inflation climbed to 6.26% due to high fuel prices and higher vegetable prices.

Food basket inflation slowed to 3.96 percent in July from 5.15 percent in June, according to data released by the National Statistics Office (NSO).

Earlier on August 6, the Reserve Bank of India (RBI) had projected Consumer Price Index inflation at 5.7% in 2021-2022 – 5.9% in the second quarter, 5.3% in the third, and 5, 8% in the fourth quarter of the year, with globally balanced risks.

CPI inflation for the first quarter of 2022-2023 is projected at 5.1%, the RBI said in a statement.

Mandated by the Center to keep retail inflation at 4% with a 2% margin on each side, the RBI primarily takes CPI-based inflation into account while deciding its bi-monthly monetary policy, PTI reported.

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