Retail inflation softened to 6.71 per cent in July, mainly on account of moderation in food prices, government data showed on Friday. In June, retail inflation was at 7.01 per cent and it stood at 5.59 per cent in July 2021.
According to the data, food inflation in July 2022 moderated to 6.75 per cent as against 7.75 per cent in June. The Consumer Price Index (CPI) based retail inflation, however, remained above the Reserve Bank of India’s upper tolerance level of 6 per cent. It has remained above the 6 per cent mark for the past seven months.
In the first three months of the current fiscal, retail inflation remained above 7 per cent.