Retail Inflation: Retail inflation fell to 7.01% in June but still higher than RBI’s target

Photo:FILE Retail inflation

Retail Inflation: There has been some relief on the retail inflation front. Retail inflation declined marginally to 7.01 per cent in June due to cheaper food items. The National Statistical Office (NSO) on Tuesday released inflation data based on the Consumer Price Index (CPI) for June 2022. According to this, retail inflation stood at 7.01 per cent in June as against 7.04 per cent in May a month ago. Retail inflation stood at 6.26 per cent a year ago in June 2021.

Still more than RBI’s target

Despite a marginal decline in retail inflation for June, it has remained above the Reserve Bank of India’s (RBI) satisfactory level. RBI is entrusted with the responsibility of keeping inflation in the range of 4 per cent with 2 per cent variation. Retail inflation has remained above the RBI’s satisfactory level since January 2022. Inflation in food products declined to 7.75 per cent in June from 7.97 per cent a month ago. Thus there was a fall in the prices of food products.

Strong jump in industrial production

The Industrial Production (IIP) of the country has increased by 19.6 percent in May 2022. Production in the manufacturing sector grew by 20.6 per cent in May this year, according to the Index of Industrial Production (IIP) data released by the National Statistical Office (NSO) on Tuesday. Mining production grew by 10.9 percent and electricity generation by 23.5 percent in the month under review. IIP had grown by 27.6 per cent in May last year. Industrial production has been affected by the pandemic since March 2020. At that time it had fallen by 18.7 percent. Industrial production declined by 57.3 percent in April due to the ‘lockdown’ imposed to prevent the corona virus epidemic.

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