Government data revealed that India’s retail inflation dropped to 3.54% year-on-year in July, marking the first time in nearly five years that it has fallen below the Reserve Bank’s targeted 4%. In June 2024, the Consumer Price Index (CPI) based retail inflation was 5.08%, while in July 2023 it stood at 7.44%.
The Ministry of Statistics & Programme Implementation highlighted that the Year-on-year inflation rate based on the All India Consumer Price Index for July 2024 is the lowest in 59 months. Inflation rates for rural and urban areas were recorded at 4.10% and 2.98% respectively.
Moreover, the data also indicated that food inflation in July 2024 is at its lowest since June 2023. The Year-on-year inflation rate based on the All India Consumer Food Price Index for the same period was 5.42%, with corresponding rates for rural and urban areas at 5.89% and 4.63% respectively.
In July 2024, inflation declined across all groups, with notable decreases in the prices of vegetables, fruits, and spices. The Ministry collected price data from various markets and villages across all states and union territories with a high level of coverage.
The ministry explained that price data were gathered from 100% of villages and 98.5% of urban locations, with market-wise prices being reported for 88.71% of rural areas and 92.64% of urban areas during July 2024.
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