India

Slight decline in retail inflation in August; However, edible oil prices have gone up

Retail inflation eased slightly in August 2021 Inflation stood at 5.30 per cent in August. The National Bureau of Statistics has released its August inflation figures. Inflation, as measured by the Wholesale Price Index (WPI), was 5.59 per cent in July. This is a decrease of 0.29 per cent over July. The rise in vegetable prices in July had had an impact. The lowest inflation rate in the last four months has been recorded. Inflation in rural areas was 5.28 per cent in August 2021. Inflation in urban areas was 5.32 per cent.

Food prices rose by 3.11 per cent in August. It was 3.96 per cent in July. Meanwhile, concerns are being raised about rising edible oil prices. Edible oil prices have risen by 33 per cent. In July 2021, retail inflation was in line with the RBI’s forecast. Before July, retail inflation was above 6 per cent for two consecutive months.

Retail inflation stood at 6.30 per cent in May. Meanwhile, rising petrol and diesel prices had pushed up transport costs, which had an impact on inflation. At the same time, retail inflation was lower at 6.26 per cent in June.

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Good rains this year have boosted inflation expectations. But rain forecasts are still being made. The RBI has predicted that inflation will come under control once the kharif harvest season arrives.

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