India’s retail inflation accelerated to 4.45 per cent on an annual basis in July, remaining above the Reserve Bank of India’s target of 4 per cent for the second consecutive month this year. The July inflation reading was moderately higher than the 4.38 per cent recorded in June as food prices remained elevated. The current print is the highest reading under the new 2024-base year Consumer Price Index (CPI) series.
According to data released by the Ministry of Statistics and Programme Implementation, inflation in rural areas increased to 4.84 per cent, while in urban regions it rose to 3.96 per cent. The food inflation rate, based on the All India Consumer Food Price Index, stood at 5.52 per cent last month, up from 5.32 per cent in the preceding month.
According to the data, 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 lowest inflation included Potato, Motor Car and Jeep, Lady’s finger, Peas, and Tomato.
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