New Delhi: The retail inflation in the country surged to 7% in last month. The data released by the National Statistics office has revealed this. The inflation rate is higher than 6.9% forecast by Reuters survey of economists. It also remained above Reserve Bank of India ‘s tolerance band in each month this year. Consumer price index-based inflation (CPI) in July this year was at 6.71%.
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Food inflation was at 7.62% in August. It was at 6.69% in July and 3.11% in August 2021. Food inflation accounts for nearly half the consumer price index (CPI). It surged mainly due to the rise in prices of essential crops like wheat, rice and pulses.
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