Retail inflation in India eases to a five-year low in July

New Delhi: Retail inflation  in India declined to 3.54 per cent in July. The retail inflation has fallen below the RBI’s medium-term target of 4%. The Consumer Price Index (CPI) based retail inflation has reached its lowest level in five years. Inflation in the food basket was 5.42 per cent in July, down from 9.36 per cent in June,

According to the data released by the National Statistical Office (NSO), the last time inflation was below 4 per cent was in September 2019. The Consumer Price Index (CPI) based retail inflation was 5.08 per cent in June 2024 and 7.44 per cent in July 2023. The retail inflation had hit a four-month high of over 5% in June 2024.

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‘There is sharp decline in the year-on-year inflation rate based on the All India Consumer Price Index (CPI) number for the month of July 2024, which is the lowest in the last 59 months. Year-on-year inflation rate based on All India Consumer Price Index (CPI) number is 3.54%(Provisional) for the month of July 2024. Corresponding inflation rate for rural and urban is 4.10% and 2.98%, respectively,’ the government’s press release said.

Wholesale Price Index (WPI) is a measure of the average change in the price of goods at a wholesale level or in the wholesale market. Consumer Price Index (CPI) is a price index that calculates price changes of goods and services that a consumer has to pay in the retail market. The monetary police of Reserve Bank of India are made after reviewing the CPI.