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1-min read

India's August Retail Inflation Rises to 3.21% As Food Items Get Costlier

The rate of price rise in the food basket was 2.99 percent in August, up from 2.36 percent in the previous month, as per the Consumer Price Index (CPI) data released by the Ministry of Statistics & Programme Implementation.

Reuters

Updated:September 12, 2019, 6:37 PM IST
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India's August Retail Inflation Rises to 3.21% As Food Items Get Costlier
Image for representation. (Photo: Reuters)
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New Delhi: Retail inflation inched up to a 10-month high of 3.21 percent in August mainly due to higher prices of food items like meat and fish, vegetables and pulses, government data showed on Thursday.

However, retail inflation is still within the Reserve Bank's target range, thus keeping hopes of another rate cut alive.

Inflation based on the Consumer Price Index (CPI) stood at 3.15 percent in July and 3.69 percent in August 2018. The previous high was 3.38 percent in October 2018.

Inflation in the food basket was 2.99 percent, up from 2.36 percent in July. The August data released by the National Statistics Office in the Ministry of Statistics and Programme Implementation also provided details of inflation in segments like 'health', 'recreation and amusement' and 'personal care and effects'.

The retail inflation in health was 7.84 percent, recreation and amusement 5.54 percent and personal care and effects 6.38 percent.

Price rise in the 'education' segment was recorded at 6.10 percent in August.

Inflation in meat and fish basket was 8.51 percent, pulses and products 6.94 percent and vegetables 6.9 percent.

The RBI, which mainly factors in CPI for arriving at its bi-monthly monetary policy, has been mandated by the government to ensure that inflation remains at 4 percent, with deviation of 2 percent on either side.

The central bank, which has already reduced the key policy rate four times in the current calendar year, is scheduled to announce its next bi-monthly monetary policy on October 4.

The data also revealed that highest rate of inflation was witnessed in Assam at 5.79 per cent, followed by Karnataka (5.47 per cent) and Uttrakhand (5.28 per cent).

Interestingly, inflation was in the negative zone at (-) 0.42 percent in Chandigarh. Inflation in rural areas of the country was at 2.18 percent and 4.49 percent in the urban areas in August.

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