Retail Inflation Data LIVE Updates: India's retail inflation eased to an annual 6.71 per cent in July, the lowest since March, but stayed above the upper limit of the RBI's target range for seven straight months. In June, inflation held above 7 per cent for the third month in a row, at 7.01 per cent from a year ago. Sequentially, the headline inflation slowed to 0.46 percent from 0.52 percent in the previous month. The downward trend in retail inflation can be attributed to price cuts on edible oil ranging from 0.4 percent to 6.4 percent. Apart from oil, the decrease in commodity prices is also responsible for bringing down the inflation rate. The overall food inflation came in at 6.75 percent in July as compared to 7.75 percent preceding month.
U.S. import prices decline for first time in seven months, reports Reuters
U.S. import prices posted their first decline in seven months in July, helped by a strong U.S. dollar and on lower costs for both fuel and nonfuel products in another sign that inflation may have peaked.
Import prices fell by a more-than-expected 1.4% last month after rising 0.3% in June, the Labor Department said on Friday. It was the largest monthly drop since April 2020. In the 12 months through July, import prices increased 8.8% after rising 10.7% in June, the fourth straight month the annual rate has fallen.
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