India's headline retail inflation rate, as measured by the Consumer Price Index (CPI), returned to 7 percent territory in August from a five-month low of 6.71 percent in July, according to data released on September 12 by the Ministry of Statistics and Programme Implementation.
CPI inflation had fallen to 6.71 percent in July after spending three consecutive months above 7 percent.
At 7 percent, the August CPI inflation figure is slightly above the consensus estimate. As per a Moneycontrol poll, CPI inflation was seen rising to 6.9 percent.
CPI inflation has now spent 35 consecutive months above the Reserve Bank of India's (RBI) medium-term target of 4 percent and eight straight months outside the central bank's 2-6 percent tolerance range.
Inflation in August was pushed higher by an increase in prices of certain food items. These included cereals, vegetables, and pulses.
|AUG 2022 INFLATION||CHANGE IN INDEX, AUG 2022 VS JUL 2022|