look news india
New Delhi: Retail inflation declined to a five-year low of 3.54 per cent in July due to falling food prices and base effect, an official statement said.
On the other hand, industrial production data for the month of June was also announced today. After a weak performance in the manufacturing sector, industrial production in June stood at 4.2 percent, which is a five-month low.
It is noteworthy that the retail inflation based on Consumer Price Index (CPI) was 5.08 percent in June, 2024 and 7.44 percent in July, 2023.
For the first time since September 2019, retail inflation has been recorded below the Reserve Bank of India's (RBI) target of four percent. In September 2019, the retail inflation rate was recorded at 3.99 percent.
Retail inflation has been recorded below 6 per cent since September 2023. According to data released by the National Statistical Office (NSO), the inflation rate of vegetables was recorded at 6.83 per cent in July.
Food inflation rate was recorded at 5.42 percent in July. Which was 9.36 percent in June. In July 2023, this inflation rate was 11.51 percent.
The retail inflation rate was highest in Bihar at 5.87 percent while it was lowest in Jharkhand at 1.72 percent.
Industrial production, based on the Index of Industrial Production (IIP), grew 6.2 percent in May, 5 percent in April, 5.5 percent in March, 5.6 percent in February and 4.2 percent in January.
The Ministry of Statistics and Program Implementation said in a statement that the production based on the Index of Industrial Production in June 2023 was four percent.
