Retail inflation hit a 4-month low of 5.08% in June

The inflation witchcraft has not spared the common man, a direct example of which was seen in the latest government data released on July 12. Retail inflation rose significantly in June to a four-month high of 5.08%, data showed. This is higher than the 4.80% inflation recorded in May. Based on All India Consumer Price Index (CPI) data, the annual inflation rate in June 2024 was 5.08% (provisional). The Ministry of Statistics and Planning Implementation reported that rural areas experienced a higher inflation rate of 5.66% while urban areas experienced a lower inflation rate of 4.39%. The price of vegetables has gone up and the Reserve Bank of India is trying to control the country's inflation rate at 2-6%. But even more, food prices have started skyrocketing. Food prices increased by 9.55% in June as against 8.69% in May and 4.55% last year. Rural inflation increased to 5.67% in June from 5.34% in May and 4.78% in June 2023. On a positive note, the Index of Industrial Production (IIP) in India grew by 5.9% in May from 5% in April, the Ministry of Statistics and Planning Implementation (MoSPI) said on Friday. Also Read: Metro: Now you can book tickets along with train through IRCTC RBI is keeping an eye on inflation, which has disappointed the Reserve Bank of India (RBI) as the bank has set a target of bringing it down to 4 percent. However, the current rate of inflation has crossed 5 percent, removing any hope of a policy rate cut by the RBI. Last week, RBI Governor Shaktikanta Das asserted that inflation remains a matter of concern and remains above the desired level. Also Read: Andhra: Good news after Modi-Chandrababu Naidu meeting, refinery and petrochemical hub to be built now Retail inflation hits 4-month low at 5.08% in June