India Inflation July 2022

India: Inflation declines to lowest level since February in July

Consumer prices increased 0.46% from the previous month in July, which was below June’s 0.52% rise. July’s result marked the weakest reading since February. The result was driven by moderating price pressures for food and beverages.

Inflation fell to 6.7% in July from June’s 7.0%. July’s reading represented the weakest inflation rate since February. Annual average inflation rose to 6.0% in July (June: 5.9%).

On the near-term outlook, analysts at Nomura said:

“The bulk of the decline has been driven by volatile components, whereas underlying inflation has not yet shown any signs of moderation, and remains sticky around 6%, suggesting strong domestic demand. Looking ahead, daily price data so far for August suggest that headline inflation is likely to remain around July levels.”

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