Business Desk, Amar Ujala, New Delhi
Updated Fri, 14 Aug 2020 12:41 PM IST
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The government has released the wholesale price index based inflation data for the month of July. Inflation based on Wholesale Price Index was negative 0.58 per cent in July, down from negative 1.81 per cent in June. At the same time last year i.e. in July 2019, it was 1.17 percent.
The annual rate of inflation, based on monthly Wholesale Price Index, stood at (-0.58%) (Provisional) for
July 2020 as compared to 1.17% in the corresponding period of the previous year ie July 2019: Department for Promotion of Industry and Internal Trade, Government of India pic.twitter.com/Zzg5IKQt7w
– ANI (@ANI) August 14, 2020
Retail inflation is so high
Earlier, the government released data on retail inflation. Retail inflation rose to 6.93 percent in July. Inflation has increased mainly due to increase in food prices. According to official data released on Thursday, inflation was 6.23 percent in June. According to the Consumer Price Index (CPI) data, inflation in food articles stood at 9.62 percent in July, compared to 8.72 percent in June. This is the second consecutive month when retail inflation has been above the Reserve Bank’s satisfactory level.
The government has given the central bank the responsibility to keep inflation at the level of four per cent with a two per cent rise. The Reserve Bank primarily looks at retail inflation in the bi-monthly monetary policy review.