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Retail inflation roars to 7.44% as food costs bite
Mint Mumbai
|August 15, 2023
Food inflation quickens to 11.51%, the highest level since October 2020
Consumer Price Index (CPI)-based inflation shot past estimates to hit a 15-month high of 7.44% in July as food and vegetable prices surged, breaching the Reserve Bank of India’s (RBI) inflation target range for the first time since February.
A Mint poll of 19 economists had estimated a six-month high retail inflation of 6.50% in July, sharply up from June’s 4.81%, on account of a surge in vegetable prices. Respondents in the poll had made estimates in the range of 5.5-7.5%, with all but two expecting inflation to cross the upper limit of RBI’s 2-6% target band.
The revised retail inflation for June stood at 4.87%, according to the latest data.
This story is from the August 15, 2023 edition of Mint Mumbai.
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