Retail Inflation Data For August 2024: In terms of figures, common people have got relief from inflation in the month of August as well. In August 2024, the retail inflation rate has been below 4 percent at 3.65 percent, which was 3.54 percent in July 2024. However, there has been a slight increase in the month of August as compared to July. This is the second lowest figure of retail inflation in the last five years. This decline in retail inflation has come due to the reduction in food inflation. It is a matter of relief for the Reserve Bank of India that for the second consecutive month, the Consumer Price Index has remained below its tolerance band of 4 percent.
Decrease in food inflation
The major reason for the fall in retail inflation is the fall in food inflation. Food inflation stood at 5.66 percent in August, which was 5.42 percent in July 2024. There has been a slight increase in food inflation in August as compared to July. Last year, the food inflation rate was 9.93 percent in August 2023. Releasing the data of retail inflation, the Ministry of Statistics said that the food inflation rate in August 2024 is the lowest since June 2023.
Vegetable prices rise, relief in pulses!
According to the data of retail inflation released by the Ministry of Statistics, there has been an increase in the inflation of vegetables in August 2024 as compared to July. The inflation rate of vegetables in August was 10.71 percent, which was 6.83 percent in July. The inflation rate of pulses in August was 13.60 percent, which was 14.77 percent in July. The inflation rate of grains and related products was 7.31 percent in August, which was 8.14 percent in July. The inflation rate of sugar was 4.70 percent, which was 5.22 percent in July. The inflation rate of eggs has increased and it has been 7.14 percent, which was 6.76 percent in July. The inflation rate of milk and related products has been 2.98 percent, while the inflation rate of meat and fish has been 4.30 percent.
Loans will be cheaper in October!
In August 2024, the retail inflation rate was 3.65 percent and this is the second consecutive month when the inflation rate is below the RBI’s 4 percent tolerance band. The Reserve Bank of India had set a target of 4 percent inflation to change the policy rates and the inflation rate has been below this target for two consecutive months. There is a possibility of a cut in interest rates by the US Fed Reserve on September 18. Obviously, there is a possibility of reduction in interest rates by the RBI in the monetary policy meeting to be held in October. Because crude oil is also below $ 70 per barrel in the international market.
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