Retail inflation increases by 7% in August; July IIP falls to 2.4%

New Delhi: Retail inflation in India increased to 7% in August from 6.71% in July, owing primarily to increasing food costs, according to official statistics released on Monday.

For the eighth consecutive month, the Reserve Bank’s comfort criterion of 6% for consumer price index-based inflation has been exceeded.

The results show that food basket inflation increased to 7.62% in August from 3.11% in August 2021 and 6.69% in July.

According to the official information made public on Monday, India’s industrial production increased by 2.4% in July. IIP increased 11.5% in July 2021.

The manufacturing sector’s output increased 3.2% in July 2022, according to statistics from the National Statistical Office’s (NSO) Index of Industrial Production (IIP).

During the same period, electrical generation grew 2.3% but mining output decreased 3.3%.

Due to a decline in economic activity following the lockdown imposed to stop the spread of coronavirus infections, industrial production had decreased by 57.3% in April 2020.

Although rising inflation is a worldwide problem, it is particularly felt in countries like India where millions of people are living in extreme poverty.

The post Retail inflation increases by 7% in August; July IIP falls to 2.4% appeared first on News24 English.

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