Easing for the third month in a row, the retail inflation in India, based on the Consumer Price Index (CPI), declined to 6.71 per cent in July, compared with 7.01 per cent in the previous month. The food inflation in July 2022 also moderated to 6.75 per cent as against 7.75 per cent in June. Also, India’s industrial production in June 2022 grew in double digits, and increased 12.3 per cent on a low base.
However, July is the seventh consecutive month when the retail inflation remained above the RBI’s tolerance range of 2-6 per cent. The retail inflation in June had stood at 7.01 per cent, which was slightly lower than 7.04 per cent in May. Inflation in rural areas in June was at 7.09 per cent during June 2022, while that in urban areas was 6.92 per cent.
According to the latest data released by the National Statistical Office (NSO) on Friday, the price rise in both rural and urban regions saw easing, with inflation in rural areas falling to 6.80 per cent during July 2022, while that in urban areas dropped to 6.49 per cent.