Retail inflation fell to 3.54 percent in July, falling below the Reserve Bank’s 4 percent target for the first time in nearly five years, as food prices cooled, government data showed on Monday.
Retail inflation based on the Consumer Price Index (CPI) was 5.08 percent in June 2024 and 7.44 percent in July 2023.
Food basket inflation was 5.42 percent in July, compared to 9.36 percent in June, according to data published by the National Statistics Office (ONE).
The last time inflation was below 4 percent was in September 2019.
The government has tasked the Reserve Bank of India (Reserve Bank of India) to ensure that CPI inflation remains at 4 percent with a 2 percent margin on either side.
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