India’s retail inflation eased to 6.71 percent in July, showed data released by the ministry of statistics and program implementation (MoSPI) Friday.
“The inflation based on the Consumer Price Index (CPI) in July is 6.71 percent,” the government data said. “It was 7.01 percent in June.”
The food inflation also dropped to 6.75 percent in July from 7.75 percent in June, the data showed.
According to officials, the price data are collected from selected 1,114 urban markets and 1,181 villages covering all states through personal visits by field staff of field operations division of the National Statistical Office (NSO), MoSPI on a weekly roster.
“During the month of July 2022, NSO collected prices from 99.7 percent villages and 97.6 percent urban markets while the market-wise prices reported therein were 89.5 percent for rural and 92.3 percent for urban,” the ministry said.
Reports said retail inflation in July is the lowest since March, but above the upper limit of the central banking institution — the Reserve Bank of India’s target range for seven straight months.
In July 2021, retail inflation was 5.59 percent while food inflation was 3.96 percent.
