Retail Inflation June retail inflation at 7 pc continues to be above RBI target for 6 months
New Delhi: India's June retail inflation dipped marginally to 7.01 percent in June to 7.04 percent in May, according to government data released on Tuesday, breaching Reserve Bank of India (RBI) target of 2 to 6 percent for six consecutive months.
ET reported that economists have said the decline in inflation woud be slow as sharp depreciation in rupee will wipe out some of the gains made by the moderation in global crude and commodity prices and easing of domestic food prices.
Retail inflation as measured by Consumer Price Index (CPI) had hit a eight-year high of 7.79 percent in April.
The government has already said that the fight against inflation will be continued and RBI is likely to hike key policy rates to dampen inflationary expectations.
However, the central bank has already signalled the measure wouldn't be harsh and against growth.
The Index of Industrial Production (IIP) data, also released on Tuesday, showed growth jumped a 12-month high of 19.6 percent in May owing to low base due to Covid-19. IIP was 6.7 percent in April.
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