India\u2019s retail inflation increased sharply to a nine-month high of 7.44 per cent in July, according to government\u2019s official data. This marks a significant increase over the 4.87 per cent recorded in the past month.<\/p>\n\n\n\n
As per reports, the consumer price index-based inflation was widely anticipated by economists to be above the Reserve Bank of India’s upper tolerance limit of 6 per cent. Nonetheless, the actual figure is higher than what most experts had earlier estimated. With this, the retail inflation breached the Reserve Bank of India’s 2-6 per cent threshold following four months.<\/p>\n\n\n\n
The increase in retail inflation has come in the wake of a sharp rise in vegetable prices over the past few months, alongside an equally sharp rise in the prices of cereals like rice and wheat.<\/p>\n\n\n\n
Notably, the food prices that comprise nearly half of the inflation basket, have surged sharply over the past two months owing to the adverse weather conditions across the country. This phenomenon pushed the prices of some important kitchen staples such as tomatoes, leading to a drastic increase in retail inflation.<\/p>\n\n\n\n
On the other hand, in July, rural inflation soared to 7.63 per cent, up from 4.78 per cent in the previous year. Subsequently, urban inflation also increased to 7.20 per cent from 4.96 per cent in the previous month.<\/p>\n\n\n\n
According to the experts, the sharp rise in retail inflation could make the Reserve Bank of India’s task much more difficult, just days after the central bank’s Monetary Policy Committee held rates steady. Furthermore, the central bank also estimated retail inflation to remain high in August, stating that prices pressure will continue this month as well.<\/p>\n\n\n\n
Earlier, high inflation was recorded at 7.79 per cent in April 2022. The inflation food basket was 11.51 per cent July as compared to 4.55 per cent in June and 6.69 per cent in July 2022, according to official data. <\/p>\n\n\n\n
In addition, the retail inflation in vegetable year-on-year was 37.43 per cent while the rate of price rise in cereals and products was around 13 per cent, as per the data released by the National Statistical Office (NSO).<\/p>\n","protected":false},"excerpt":{"rendered":"
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