India’s June retail inflation rises to 3.18%

Inflation

New Delhi, July 12 (IANS) Higher food prices have accelerated India’s June retail inflation to 3.18 per cent from 3.05 per cent in May, official data showed on Friday.

The latest price data released by the Central Statistics Office showed that CPI-based inflation, which measures changes in shop-end prices, remained comfortably within RBI’s target level of 4 percent.

Food prices, which is a gauge to measure changes in kitchen budgets, grew 2.1 percent in June compared to 1.83 percent in May. Inflation rate in cereals and products stood at 1.3 percent in June as against 1.24 percent in May while vegetables inflation stood at 4.66 percent in June as against 5.46 percent in May.

A reading below the RBI inflation target will likely support the RBI’s decision last month to cut interest rates to boost economic growth.

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