India Inflation July 2019


India: Consumer price inflation decelerates in July

August 14, 2019

In July, consumer prices rose 0.91% compared to the previous month, up from June’s 0.63% increase, partly due to higher prices for food and beverages, which more than outweighed a decrease in energy prices.

Consumer price inflation decelerated to 3.1% in July from 3.2% in June. Lower prices for energy weighed on inflation in July. Inflation therefore remains below the midpoint of the Reserve Bank of India’s (RBI) target range of 2.0%–6.0%.

Wholesale prices decreased 0.25% in July compared to the previous month, down from the revised 0.08% drop in June (previously reported: +0.25% month-on-month). July’s decrease was primarily due to lower prices for fuel and energy. Wholesale price inflation decelerated to 1.1% in July, down from 2.0% in June.

FocusEconomics Consensus Forecast panelists expect consumer price inflation to average 3.8% in FY 2019, which is down 0.1 percentage points from last month’s forecast. In FY 2020, the panel expects consumer price inflation to average 4.4%. Meanwhile, our panel projects wholesale inflation of 3.7% for FY 2019, up 0.1 percentage points from last month’s report. In FY 2020, our panel foresees wholesale inflation averaging 3.9%.

Author:, Economist

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India Inflation Chart

India Inflation July 2019

Note: Annual and monthly variation of wholesale price index (WPI) and annual variation of consumer price index (CPI) in %.
Source: Ministry of Commerce and Industry and FocusEconomics calculations.

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