New Delhi (TIP)- India‘s retail inflation was 3.65% in August 2024, according to the All India Consumer Price Index (CPI) data released on Thursday, September 12, 2024. The combined inflation (rural and urban) fell to 3.65% in August 2024, compared to 6.83% in August 2023. However, it has increased by 110 basis points when compared to the previous month’s 3.54%. This was the second time in nearly five years that overall retail inflation fell below the Reserve Bank of India’s 4% inflation target. The last time was July 2024. The RBI‘s inflation target is 4% with a tolerance band of +/- 2 percentage points, meaning that the target is within the range of 2% to 6%.
What were the urban and rural
inflation rates in India?
Urban inflation fell to 3.14% in August 2024, compared to 6.59% in August 2023.
Rural inflation fell to 4.16% in August 2024, compared to 7.02% in August 2023.
How much was India’s food
inflation in August 2024?
The combined Consumer Food Price Index (CFPI), which shows food inflation was 5.66% in August 2024, compared to 9.94% in August 2023.
Urban food inflation fell to 4.99% in August 2024, compared to 10.42% in August 2023.
Rural food inflation fell to 6.02% in August 2024, compared to 9.67% in August 2023.
Tomatoes have exhibited the lowest year on year inflation (-47.91%) as well as lowest MoM change in index (-28.8%).
The prices of vegetables rose the most by 10.71%, compared to the other item categories. In urban areas, the rise was 13.22% and in rural areas, it was 13.22%.
The Indian stock market rallied today, with the benchmark BSE Sensex closing at 82,962.71 after the trading session today. This was a gain of 1.77% or 1439.55 points.
The NSE Nifty closed at 25,388.90, a gain of 1.89% or 470.45 points.
Source: HT