Total price inflation in July was 13.93%..!? slightly better..?

It can be said that the interest rate hike by central banks has not been in vain. Because the rate of inflation has started to decline slightly. Meanwhile, today the Ministry of Commerce and industry has released the Total Price Inflation Index for the month of July. Accordingly, it decreased to 13.93% in July. It is noteworthy that it was 15.18% last June. While this is seen as a good thing compared to the previous month, it is still consistently above 10%. The Central Reserve bank has been continuously increasing interest rates to reduce inflation. On the other hand, to keep prices under control, it has announced concessions on import duty on some items including oil. So it can be said that this action of the government and the action of the Reserve bank has certainly helped. Amidst the above various efforts, the prices of cooking oil, food products, and many manufactured goods have started to moderate. This is the main reason for the decline in headline inflation.This inflation includes food items prices, crude oil prices, petroleum products, natural gas, base metals, electricity, chemical, and chemical products, food items, etc. In particular, WPI food-based inflation decreased from 12.41% in July to 9.41%. The WPI food index fell to 174.4 from 178.4 in June. The same primary goods index fell 2.69% to 177.5 from 182.4. In the same month of July, the prices of materials decreased by 0.96%.Food prices fell by -2.56%, non-food prices by -2.61%, and crude oil and natural gas prices by -5.05% compared to June. The same fuel and power index has also reduced the proportion of LPG, petroleum, etc. The same manufacturing index fell by 0.42%.
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Sowmiya Sriram

16/08/2022 06:38 PM