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India's retail inflation saw a slight increase in August 2024, rising to 3.65% from 3.54% in July, as reported by the Ministry of Statistics and Programme Implementation. Despite this marginal rise, the inflation rate remains at its lowest level in nearly five years, a position it last reached in September 2019. This uptick was driven primarily by a significant rise in vegetable prices, which soared by 10.7% compared to a 6.8% increase the previous year.
The Consumer Price Index (CPI) data highlights that food and beverage prices increased by 5.3% in August, up from 5.06% in July. Among food items, cereal prices fell by 7.31%, and inflation for meat and fish decreased to 4.30% from 5.97% in the prior month. Inflation for eggs rose slightly to 7.14% from 6.8%, while the price of oils and fats decreased by 0.86% compared to a 1.2% drop in July.
In contrast, prices for clothing and footwear saw a modest rise to 2.75%, up from 2.7% in the previous month, and housing inflation remained relatively stable at 2.66%, down slightly from 2.7%. Pulses also experienced a reduction in inflation, falling to 13.60% from 14.8%. The overall inflation rate, while higher than the Bloomberg poll's forecast of 3.42%, remains below the central bank's target of 4%, reflecting ongoing stability in consumer prices.
Overall, while August's inflation data reflects some pressure from rising vegetable prices, the broader inflationary trends indicate that India's retail inflation is maintaining a historically low trajectory. The central bank's inflation target continues to be met, underscoring the effectiveness of monetary policies in curbing excessive price rises and supporting economic stability.
