India Retail Inflation data: Retail inflation figures for the month of August have been released. According to the All India Consumer Price Index (CPI) data, India’s retail inflation in August was 3.65%. This is within the four percent target of the Reserve Bank of India. Let us tell you that the government has given the responsibility to the Reserve Bank to keep the retail inflation at four percent with a variation of two percent.
Urban inflation falls
Urban inflation fell to 3.14% in August 2024 from 6.59% in August 2023. Rural inflation fell to 4.16% in August 2024 from 7.02% in August 2023. Urban food inflation fell to 4.99% in August 2024 from 10.42% in August 2023. Rural food inflation fell to 6.02% in August 2024 from 9.67% in August 2023. Inflation rates for clothing, footwear and housing sectors were 2.72% and 2.66%, respectively.
Slowdown in growth of industrial production
The country’s industrial production growth rate slowed to 4.8 percent in July this year due to the poor performance of the mining and manufacturing sectors. Factory output, measured in terms of the Index of Industrial Production (IIP), grew by 6.2 percent in July 2023. The country’s Index of Industrial Production grew by 4.8 percent in July this year. Official data shows that the production of the manufacturing sector grew by 4.6 percent in July, while it grew by 5.3 percent in the same month a year ago.
The growth rate of the mining sector stood at 3.7 percent in July 2024 while power generation registered a growth of 7.9 percent. In the first four months (April-July) of the current financial year, the country’s industrial production grew at the rate of 5.2 percent, whereas in the same period a year ago it grew by 5.1 percent.
