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Lower food prices eases India's July retail inflation
The declining retail inflation rate reduces the chance of the RBI to further loosen up the monetary policy. — IANS
New Delhi - Region wise, the CPI Urban was at 5.82 per cent last month from 6.37 per cent in June, and the CPI Rural at 5.49 per cent in June from 6.16 per cent in June.
Lower food prices eased India's July retail inflation on a sequential basis.
Data furnished by the National Statistical Office (NSO) showed that the Consumer Price Index (CPI) slipped to 5.59 per cent last month from 6.26 per cent in June.
Region wise, the CPI Urban was at 5.82 per cent last month from 6.37 per cent in June, and the CPI Rural at 5.49 per cent in June from 6.16 per cent in June.
As per the NSO data, the Consumer Food Price Index fell to 3.96 per cent last month from 5.15 per cent in June. The CFPI readings measure the changes in retail prices of food products.
Notably, the macro-economic data assumes significance as it brings retail inflation mark in the range of the Reserve Bank of India's set target of 2-6 per cent for CPI inflation.
The declining retail inflation rate reduces the chance of the RBI to further loosen up the monetary policy.
Meanwhile, rising demand along with low base effect on a year-on-year basis accelerated India's June industrial output.
Accordingly, wavering impact of Covid 2.0 as well as easing travel restrictions triggered demand and subsequently the production rate.
On Thursday, the Index of Industrial Production (IIP) for June showed a rise of 13.6 per cent from a decline of (-) 16.6 per cent reported for the like month a year ago.
However, the production rate was lower than the exponential growth of over 28.60 per cent seen for May.
In June, the IIP index reading stood at 122.6 (index reading) as against May's 116.
The YoY and sequential growth rate movements are being impacted by the different types of lockdowns imposed during 2020 and 2021.
Last year, while the country observed a full-fledged lockdown, the same was partially imposed across different regions of the country.
"For the month of June 2021, the Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 stands at 122.6," the Ministry of Statistics and Programme Implementation said.
"The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of June 2021 stand at 105.5, 121 and 169.1 respectively." — IANS
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