India’s wholesale price index fell 1.36 percent year-on-year in July, but the decline was smaller than expected because of higher prices for food and some commodities. | Reuters
Inflation in Asia’s third-largest economy has started to accelerate after showing signs of easing in the first few months of the year.
According to a Reuters poll of economists, India’s retail inflation is likely to accelerate to 6.4 percent in July on surging food prices, breaching the upper end of the Reserve Bank of India’s 2 percent -6 percent tolerance band for the first time in five months.Last week, the RBI held its key lending rate steady as expected but moved to reduce the amount of cash in banking system as inflation concerns resurfaced following higher-than-usual seasonal spikes in food prices.
“Despite a favorable statistical base, the deflation of WPI has rapidly declined in July 2023 on account of a sharp sequential pick up in food prices, especially vegetable prices,” said Rupa Rege Nitsure, group chief economist at L&T Finance. That vindicates the RBI’s move to extend the “pause” and watch the situation carefully, she added.Subscribe to our daily newsletter
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