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New Delhi: Retail inflation fell to 3.54 per cent in July, dipping below the Reserve Bank’s 4 per cent target for the first time in nearly five years, government data showed on Monday. This decline was driven by a cooling in food prices.
The Consumer Price Index (CPI) based retail inflation fell to 3.54 per cent in July, a decrease from 5.08 per cent in June 2024 and 7.44 per cent in July 2023. Inflation in the food basket was 5.42 per cent in July, down from 9.36 per cent in June, according to data from the National Statistical Office (NSO).
The last time inflation was below 4 per cent was in September 2019. The government has tasked the Reserve Bank of India (RBI) with maintaining CPI inflation at 4 per cent with a permissible margin of 2 per cent on either side.
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