The consumer price index-based inflation is above the Reserve Bank's comfort level of 6 per cent for the eighth month in a row.
Published: 12th September 2022 06:05 PM | Last Updated: 12th September 2022 06:05 PM | A+A A-
(Express Illustrations | Amit Bandre)
NEW DELHI: Retail inflation inched up to 7 per cent in August from 6.71 per cent in July mainly due to higher food prices, government data showed on Monday.
The consumer price index-based inflation is above the Reserve Bank’s comfort level of 6 per cent for the eighth month in a row.
According to the data, inflation in food basket was 7.62 per cent in August, up from 6.69 per cent in July and 3.11 per cent in August 2021.
Only last week, Finance Minister Nirmala Sitharaman had claimed that inflation has come down to a manageable level.
Job creation and equitable distribution of wealth remain the other focus areas, she said at the India Ideas Summit.
“Some of course are red-lettered (priorities), some may not be. Red-lettered ones would of course be jobs, equitable wealth distribution and making sure India is moving on the path of growth.”
“In that sense inflation is not red-lettered. I hope it doesn’t surprise many of you. We have shown that in the past couple of months that we were able to bring it to a manageable level,” she said at the event.
At another event, the Finance Minister had said that the Reserve Bank will have to be more synchronised with the fiscal policy and other factors in taming inflation.
“The RBI will have to synchronise somewhat, maybe not as much synchronised as other western developed countries would do. I’m not prescribing anything to the Reserve Bank. I’m not giving any forward direction to the RBI but it is the truth that India’s solution to handling the economy, part of which is handling inflation also is an exercise where the fiscal policy, together with the monetary policy has to work,” she had said.
Retail inflation had softened to 6.71 per cent in July due to moderation in food prices then, before inching up again in August.
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