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Inflation rate stood at 6.71 percent

New Delhi. The rate of retail inflation has declined but it is still above the ceiling fixed by the Reserve Bank of India. For the seventh consecutive month, the rate of retail inflation has exceeded the limit of 6 per cent fixed by the Reserve Bank. According to the data released by the government, the inflation rate in July stood at 6.71 percent. It was 7.01 per cent in June. In this way, inflation came down in the month of July and it remained at the lowest level in the last five months.

Inflation decreased in July as compared to June, but on a year-on-year basis, the inflation rate has increased compared to July last year. Inflation in July last year was 5.59 per cent. However, the Reserve Bank of India is continuously increasing the policy interest rates to control the inflation rate. It seems that the effect of the hike in the interest rate is starting to show.

According to the data released by the statistics department, retail inflation has come down to 6.71 percent in July. This is the lowest in five months, although this is the seventh time in a row that the inflation rate is above the target limit set by the Reserve Bank of India. The Reserve Bank has a limit of four per cent, in which it has kept the scope of two per cent up and down. In this way, its maximum limit is six percent. For the seventh consecutive month, the inflation rate has been above this 6 per cent limit.

According to the data released on Friday, the inflation of food items also came down to 6.75 per cent in July as compared to 7.75 per cent in June. It has declined by one percent. Significantly, in the first three months of the current financial year, the retail inflation rate has been above 7 per cent. Retail inflation, which was 6.95 per cent in March this year, rose to 7.79 per cent in April. This increase in retail inflation was mainly due to rising fuel and food prices.

Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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