2023-08-17 13:04:54
The uptick in inflation in its June reading mutated in July, with the unprecedented shock to tomato prices spilling over to prices of other vegetables, said RBI.
The central bank said, with industrial production and trade weakening, the global recovery is slowing after a robust first quarter performance. In this stressed global environment, the Indian economy is gathering momentum in the second quarter of 2023-24. Domestic drivers such as private consumption and fixed investment are offsetting the drag from the contraction in exports.
Earlier, on August 14, rising food prices sent consumer inflation soaring to a 15-month high of 7.44% in July compared with 4.87% in the previous month, breaching the upper tolerance band of RBI’s inflation target of 2-6% for the first time in FY24 and dashing any hopes of an early rate cut.
(more to come)
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