India’s retail inflation eases to 7.01 percent in June

New Delhi: Retail inflation, based on the consumer price index (CPI), eased to 7.01 percent in June this year compared to 7.04 percent in preceding month. Ministry of Statistics and Programme Implementation said, inflation eased marginally mainly due to easing prices in “Food & Beverages” section.

In June 2022, inflation in the food basket came at 7.56 percent, compared to 7.84 percent in May this year. The inflation figure in vegetables eased to 17.37 percent during the reported month from 18.26 percent in May 2022.

Surging global commodity prices due to the Russia-Ukraine war and high crude oil prices have kept inflation above RBI’s six percent upper tolerance range.

The government has mandated the central bank to maintain retail inflation at four percent with a margin of two percent on either side for a five-year period ending March 2026.