India’s retail inflation rate increased in June, deviating from the moderation seen in previous months, driven by rising food prices.
The year-on-year inflation rate based on the all-India Consumer Price Index (CPI) was 5.08 percent (provisional) for June 2024. The corresponding inflation rates for rural and urban areas were 5.66 percent and 4.39 percent, respectively.
Twelve states had inflation rates above India’s overall rate of 5.1 percent in June. Odisha recorded the highest inflation rate at 7.22 percent, followed by Bihar at 6.37 percent and Karnataka at 5.98 percent.
“With the monsoon progressing satisfactorily and overall seasonal variations balancing out, we do not expect any significant deviation in the inflation outlook,” stated a report from SBI Research authored by Soumya Kanti Ghosh, Group Chief Economic Adviser at the State Bank of India.
This story is from the July 15, 2024 edition of The Business Guardian.
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This story is from the July 15, 2024 edition of The Business Guardian.
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