India’s retail inflation eased to 6.83% in August from a 15-month high of 7.44% in July due to a decline in food costs, government data released on Monday showed.
The price rise indicator was 7.79% in April 2022, the highest in eight years.
August is the second consecutive month when inflation has remained above the tolerance level of the Reserve Bank of India. The central bank is tasked with keeping inflation within 4%, with a tolerance band between 2% and 6%.
According to the government’s data, overall inflation in rural and urban areas stood at 7.02% and 6.59% each.
Food inflation, which accounts for nearly half of the overall consumer price basket, eased to 9.94% in August from 11.51% in July.
Meanwhile, the Index of Industrial Production rose sharply to a five-month high of 5.7% on an annual basis in July from 3.7% in June, data released by the National Statistical Office showed. The manufacturing sector’s output also grew by 4.6% in July.
Limited-time offer: Big stories, small price. Keep independent media alive. Become a Scroll member today!
Our journalism is for everyone. But you can get special privileges by buying an annual Scroll Membership. Sign up today!