Retail inflation at 3-month low in July, June factory output up 13.6% – Times of India
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NEW DELHI: Retail inflation eased to a three-month low in July on the back of moderating food prices pushing it a shade below the upper band of the Reserve Bank of India’s (RBI) tolerance level, while industrial output growth remained in double digit in June, although slower than the previous month’s expansion.
Data released by the National Statistical Office (NSO) on Thursday showed retail inflation, as measured by the consumer price index (CPI), rose an annual 5.6% in July, slower than the previous month’s 6.3%. Urban inflation was higher at 5.8%, while rural was at 5.5%. Food and beverages inflation slowed to 4.5% in July compared to 8.5% in July 2020 and 5.6% in June 2021.
Vegetables prices fell 7.8% during the month but prices of eggs, meat and fish, oils and fats remained stubbornly high. Core inflation, which is excluding food and fuel, slowed to around 6% from the previous month’s 6.2%. Fuel and light inflation slowed marginally to 12.4% compared to 12.7% the previous month and 2.7% in the same month a year earlier. This is largely driven by the high global crude oil prices and high domestic taxes and has the potential to keep price pressures high.
Separate data by the NSO showed industrial output in June rising by13.6% compared to a contraction of 16.6% in June 2021 and downwardly revised 28.6% in May. The manufacturing sector rose by 13% during the month compared with a contraction of 17% in June 2021.
Data released by the National Statistical Office (NSO) on Thursday showed retail inflation, as measured by the consumer price index (CPI), rose an annual 5.6% in July, slower than the previous month’s 6.3%. Urban inflation was higher at 5.8%, while rural was at 5.5%. Food and beverages inflation slowed to 4.5% in July compared to 8.5% in July 2020 and 5.6% in June 2021.
Vegetables prices fell 7.8% during the month but prices of eggs, meat and fish, oils and fats remained stubbornly high. Core inflation, which is excluding food and fuel, slowed to around 6% from the previous month’s 6.2%. Fuel and light inflation slowed marginally to 12.4% compared to 12.7% the previous month and 2.7% in the same month a year earlier. This is largely driven by the high global crude oil prices and high domestic taxes and has the potential to keep price pressures high.
Separate data by the NSO showed industrial output in June rising by13.6% compared to a contraction of 16.6% in June 2021 and downwardly revised 28.6% in May. The manufacturing sector rose by 13% during the month compared with a contraction of 17% in June 2021.
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