The impact of inflation in rural areas has gradually started to reduce. Official figures show that during the month of July, the rate of retail inflation for agricultural labourers and rural labourers has come down as compared to the previous month.
Rate came below 7-7 percent level
The Ministry of Labor and Employment gave information about the data related to this on Thursday. The ministry said that during the month of July, farm workers and rural laborers got some relief from retail inflation. In comparison to a month ago, during the month of July, the retail inflation rate for farm workers came down from 7.02 percent to 6.17 percent. Similarly, the inflation rate for rural laborers came down from 7.04 percent to 6.20 percent.
Inflation was so high a year ago
This shows that during the month of July, the retail inflation rate for workers in rural areas has come down to below 7 percent. In the month of June, the retail inflation rate for both farm workers and rural laborers was more than 7-7 percent. A year ago, i.e. in July 2023, the retail inflation rate for farm workers was 7.43 percent and for rural laborers it was 7.26 percent.
Trouble due to inflation of food items
On the inflation front, food inflation is still a cause of concern. According to the data, despite the decline in the month of July, the rate of food inflation remained above 5 percent at 5.42 percent. However, food inflation was at its lowest level in more than a year in July. Before that, the lowest level of food inflation was seen in June, when its rate was 4.55 percent. The overall retail inflation rate remained at a 59-month low of 3.54 percent in July.
Due to these reasons, not much relief is being received
The rate of food inflation was 9.36 percent in the month of June. Before that, the inflation rate of food items was 8.69 percent in the month of May and 8.70 percent in the month of April. It is being said that food inflation is the most responsible for increasing the rate of inflation for farm workers and rural labourers. Apart from that, fuel and electricity inflation also contribute to this.
Also read: After retail, wholesale inflation also decreased, stood at 2.04 percent in July, relief for government and RBI
