WPI declines to 11.16 per cent in July

Wholesale Inflation Rate: The Government of India has released inflation data based on the Wholesale Price Index. July has seen a drop compared to June, which is a relief news. According to government-released data, wholesale price index inflation fell to 11.16 per cent in June. It was up 12.07 per cent in June. This is the fourth consecutive month that the WPI remains in double digits.

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Retail inflation is also down

Retail inflation fell to 5.59 per cent in July. Inflation based on the Consumer Price Index (CPI) was 6.26 per cent in June a month ago and 6.73 per cent in July a year ago. Food inflation fell to 3.96 per cent in July, from 5.15 per cent in the previous month, according to data from the Office for National Statistics (NSO).

This is the RBI’s estimate

In its monetary policy review released earlier this month, the Reserve Bank of India estimates the Consumer Price Index inflation to be 5.7 per cent in 2021-22. According to the RBI, inflation remains at 5.9 per cent in Q2, 5.3 per cent in Q3 and 5.8 per cent in Q4, with the risk of fluctuations in inflation. It is estimated to be 5.1 per cent in the first quarter of the next fiscal year 2022-23.

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