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"Mehangai": Retail Inflation Spikes To 6.09% In June From 5.84% In March On Account Of High Food Prices
Writer: Navya Singh
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India, 14 July 2020 5:24 AM GMT | Updated 14 July 2020 5:33 AM GMT
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The inflation was at 6.2 per cent in rural India and 5.91 per cent in urban areas.
Retail inflation increased to 6.09 per cent in June, on the back of higher prices of food items, the government data showed on Monday, July 13. Food inflation in June increased to 7.87 per cent, Consumer Price Index (CPI) data showed.
The figures are based on data collected from limited markets in view of the restrictions imposed to fight novel coronavirus, the Ministry of Statistics & Programme Implementation (MoSPI) said in a release.
The retail inflation based on Consumer Price Index was 3.18 per cent in June 2019.
According to the data, the annual inflation in cereals and related products was 6.49 per cent, and 16.22 per cent in 'meat and fish' segment. For 'pulses and products', it was 16.68 per cent, while for spices, it stood at 11.74 per cent.
The inflation in vegetables basket was 1.86 per cent, while it was in negative zone for fruits.
In the 'fuel and light' segment, it was 2.69 per cent.
The inflation was at 6.2 per cent in rural India and 5.91 per cent in urban areas.
"The headline CPI inflation rate that was released after three months came with a negative surprise, showing an inflation rate of 6.1 per cent for June 2020, above expectations, driven by miscellaneous items, clothing and footwear, and pan, tobacco and intoxicants," Aditi Nayar, Vice President, ICRA said.
"Increase in headline CPI was mainly due to increase in food inflation, which has been increasing," Rahul Gupta, Head of Research-Currency, Emkay Global Financial Services said.
"The central bank's rate cut decision will depend on growth more than inflation figure because growth is still a worry. Going ahead, as coronavirus led restrictions slightly recover and as supply crunch reduce we may see CPI falling below 6 per cent," he added.
Also Read: "Indian Economy Showing Signs Of Returning To Normalcy": RBI Governor Shaktikanta Das
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