Retail inflation rate fell to 3.54 percent in July. The rate has come down due to softening of prices of food items. This is the first time in nearly five years that inflation has come below the Reserve Bank of India’s target of four percent. This information was given in the official data released on Monday. Consumer Price Index based retail inflation was 5.08 percent in June this year. Whereas in July last year it was 7.44 percent. The figures show a broad softening in inflation, indicating improvement in price stability in various sectors.
Food inflation in July
According to the news, according to the data of the National Statistical Office (NSO), inflation of food items was 5.42 percent in July. It was 9.36 percent in June. Earlier, retail inflation was below four percent in September 2019. The government has given the responsibility to the Reserve Bank to keep the retail inflation at four percent with a variation of two percent.
Sharp decline in vegetables
Vegetables witnessed a sharp decline in July. Inflation stood at 6.83 per cent as against 29.32 per cent in June. Inflation in pulses declined to 14.77 per cent from 16.07 per cent in the previous month. Fuel and electricity costs declined further. Besides, inflation in clothing and footwear also saw a marginal decline, while housing inflation remained stable.
these things became expensive
Inflation in meat and fish rose to 5.97 percent in July from 5.39 percent in June. Besides, inflation in oil rose from -2.68 percent in June to -1.17 percent in July. Similarly, egg rose from 4.10 percent in June to 6.76 percent in July.
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