New Delhi, Sep 12 : India’s retail inflation in August 2022 climbed to 7 percent which is up from 6.71 percent in July, mostly because of the high prices for food according to figures provided by the Ministry of Statistics and Programme Implementation.The food inflation rate for August was at 7.62 percent, which is an increase of a significant amount over 6.75 per percent that was recorded in July.
In June, the retail inflation was 7.01 percent, while in July it had slowed to 6.71 percent.Now in August, it has increased to 7 percent due to an increase in the prices of cereals, vegetables milk, clothing, housing, and footwear.
It is the 8th consecutive month that retail inflation, measured by the CPI, or consumer price index (CPI) remains above the Reserve Bank of India’s (RBI) tolerance threshold of 6 percent.
A poor monsoon, specifically in northern India has resulted in shortages of crops such as rice and wheat, leading to the government prohibiting exports of both.
This has resulted in high costs for food, and this has resulted in the rising cost of food.
ans/vd
