New Delhi: The Union Ministry of Statistics and Programme Implementation informed that the retail inflation in the country declined. The retail inflation based on the Consumer Price Index (CPI), declined to 6.71% in July this year. It was at 7.01% in June this year. The ministry said that easing prices in the Food and Beverages section is the main reason for this.
This inflation rate is above the Reserve Bank of India’s (RBI) medium-term target of 4 %for the 34th straight month. It is also higher than RBI’s tolerance rate of 2 to 6% for the seventh consecutive month.
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The retail inflation is a price index that calculates price changes of goods and services that a consumer has to pay in the retail market. Consumer Price Index (CPI) is an index measuring retail inflation in the economy by collecting the change in prices of most common goods and services used by consumers. In India, there are four consumer price index numbers:
CPI for Industrial Workers (IW)
CPI for Agricultural Labourers (AL)
CPI for Rural Labourers (RL) and
CPI for Urban Non-Manual Employees (UNME).
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