Inflation drops to five-year low of 3.54%

August 12, 2024 18:21

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Retail inflation declined to 3.54 percent in July, slipping below the Reserve Bank's targeted 4 per cent for the first time in nearly 5 years, as food prices cooled, government data showed on Monday.

The Consumer Price Index based retail inflation was 5.08 percent in June 2024 and 7.44 percent in July 2023.

Inflation in the food basket was 5.42 percent in July, down from 9.36 percent in June, according to the data released by the National Statistical Office.

The last time inflation was below 4 percent was in September 2019.

The government has tasked the Reserve Bank of India to ensure that the CPI inflation remains at 4 percent with a margin of 2 percent on either side. -- PTI

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