Retail inflation has dipped to 6.71 percent in July, mainly on account of moderation in food prices, as per the Consumer Price Index (CPI) released by the Ministry of Statistics and Programme Implementation on Friday, 12 August.
Providing relief to consumers, retail inflation in July declined from 7.01 percent recorded in June. Food inflation in July 2022 lowered to 6.75 percent from 7.75 percent in June.
However, the rate of inflation still remains above the Reserve Bank of India's upper tolerance level of 6 percent. It has remained above the 6 percent mark for the past seven months.
According to a press release by the government, the data on food prices was collected from selected 1,114 urban markets and 1,181 villages covering all states and union territories.
Industrial Production Rises to 12.3% in June
India’s industrial production rose to 12.3 percent in June 2022, as per the Index of Industrial Production (IIP) data released by the National Statistical Office (NSO) on Friday.
As per the government data, the manufacturing sector’s output grew 12.5 percent in June this year. Mining output rose to 7.5 percent and power generation recorded an increase of 16.4 percent in June 2022.
The IIP had grown by 13.8 percent in June 2021.
The index grew to 12.7 percent in the April-June 2022 period as compared to a growth of 44.4 percent recorded in the same period last year.
Industrial production had contracted by 18.7 percent in March 2020 due to the COVID-19 pandemic in the country.
The following month, it shrank by 57.3 percent due to a decline in economic activities and the subsequent lockdown that was imposed nationwide to curb the spread of COVID-19.
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