New Delhi: On the back of declining food and manufactured goods prices, the wholesale price-based inflation decreased to 13.93% in July.
The Wholesale Price Index-based inflation was 15.18 per cent last month and at a record high of 15.88 per cent in May.
In July of last year, it was 11.57 percent. WPI inflation fell for the second month in a row in July, but remained in double digits for the 16th month in a row, dating back to April of last year.
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Inflation in food articles fell to 10.77% in July, down from 14.39% in June.
The rate of increase in vegetable prices fell significantly in July, from 56.75 percent to 18.25 percent.
In the fuel and power basket, inflation was 43.75 percent in July, up from 40.38 percent the previous month.
Inflation in manufactured goods was 8.16 percent and in oil seeds was (-)4.06 percent, respectively.
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The Reserve Bank of India bases its monetary policy primarily on retail inflation.
For the seventh month in a row, retail inflation remained above the Reserve Bank’s comfort level, at 6.71 percent in July.
To combat persistently high inflation, the RBI raised the key interest rate three times this year, raising it to 5.40 percent.
Retail inflation is expected to average 6.7% in 2022-23, according to the central bank.
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