Good news for both the government and the public, relief news came on the inflation front, inflation rate decreased in July

Good news for both the government and the public, relief news came on the inflation front, inflation rate decreased in July

In the month of June, the retail inflation rate was 6.26 percent, while in May it was 6.30 percent. For two months, the inflation rate remained outside the purview of the Reserve Bank. Rising inflation was an important issue in the MPC meeting held in August.

Retail inflation stood at 5.59 per cent in July.

June Inflation rate: Relief news has come for both the government and the public. Retail inflation stood at 5.59 per cent in the month of July. In the month of June, the retail inflation rate was 6.26 percent, while in May it was 6.30 percent. For five consecutive months, the inflation rate was under the purview of RBI. In May and June, it had crossed the upper limit of 6 per cent. In July, it was once again in the range of 6 per cent. Inflation was an important issue in the meeting of the Monetary Policy Committee held this month.

According to the data released by the National Statistics Office (NSO), the retail inflation rate was 6.73 in July 2020, while it was 6.26 percent in June 2020. The decline in retail inflation has been recorded due to the fall in food inflation. The food inflation rate stood at 3.96 in July as against 5.15 per cent in the month of June.

RBI raises inflation rate forecast

In the first week of August, when the Reserve Bank’s Monetary Policy Committee meeting was held, the RBI raised the inflation forecast for the current financial year (2021-22) to 5.7 per cent, expressing concern over rising inflation. Earlier this estimate was estimated at 5.1 percent.

RBI has made this estimate regarding inflation

The RBI has kept the retail inflation forecast for the September quarter at 5.9 per cent, the inflation rate for the December quarter at 5.3 per cent and for the fourth quarter at 5.8 per cent. For the first quarter of the financial year 2022-23, ie April-June 2022, this estimate has been kept at 5.1 percent.

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