Retail Inflation: Inflation reduced in figures, retail inflation reached 6.71% in July, lowest since March
Retail Inflation : Common people who are scorched in the fire of inflation have got ointment in the form of figures. According to the data released by the statistics department on Friday, the retail inflation rate has come down to 6.71 percent in the month of July. This figure of inflation is the lowest since March. However, the upper limit of the Reserve Bank of India’s target range is more than 6 per cent for the seventh month in a row, despite the fall in inflation.
Inflation in June remained above 7 per cent for the third consecutive month, from 7.01 per cent a year ago. Last month, food prices registered a decline. Food and beverages account for about 50 per cent of the consumer price index. But the continued pressure in fuel prices has acted to fuel inflation.
International oil prices fall
The reduction in the rate of inflation has been contributed by the reduction in global commodity prices. Brent crude, the benchmark for international oil prices, is down nearly 9 per cent for the month. Crude has fallen below $100 for the first time since the Ukraine crisis. Apart from this, government intervention to reduce import duty and ban on export of wheat also helped in controlling inflation.
Inflation may increase further
Consumer price growth is expected to continue at a brisk pace in the coming months, with RBI estimates pointing to inflation to remain above the upper end of the target range of 2-6 per cent.
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