JUST IN – India's retail inflation rose sharply to 7.44% in July due to surging food costs.
— Disclose.tv (@disclosetv) August 14, 2023
Retail inflation in July breached the upper-end of the Reserve Bank of India’s tolerance level for the first time in five months due to surging food costs, reinforcing the central bank’s concern over uneven monsoon rains affecting crop production.
The consumer price index rose to a 15-month high of 7.44% from a year earlier, according to government data Monday. That’s faster than a median forecast for a 6.5% gain in a Bloomberg survey of economists, and a revised reading of 4.87% in June.
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