Retail inflation in India fell to its lowest level in nearly five years in July 2024, according to the latest All India Consumer Price Index (CPI) data released on Monday, August 12, 2024. The combined inflation rate, which includes both rural and urban areas, dropped to 3.54% in July 2024, a significant decrease from 7.44% in July 2023. This marked the first time in almost five years that overall retail inflation dipped below the Reserve Bank of India’s (RBI) 4% inflation target.
In urban areas, inflation decreased to 2.98% in July 2024, down from 7.20% in July 2023. Meanwhile, rural inflation declined to 4.10%, compared to 7.63% during the same period last year.
The Consumer Food Price Index (CFPI), which tracks food inflation, also experienced a notable reduction. Food inflation dropped to 5.42% in July 2024, a significant decline from 11.51% in July 2023, and the lowest since June 2023.
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Urban food inflation fell sharply to 4.63% in July 2024, compared to 12.37% in July 2023. Similarly, rural food inflation decreased to 5.89% from 11.04% over the same period.
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