National Statistical Office showed retail inflation eased to 5.59 percent in July from 6.26 percent in June while the Index of Industrial Production (IIP) grew at 5.7 percent month-on-month and 13.6 percent year-on-year. The retail inflation based on the Consumer Price Index (CPI) had remained above 6 percent during May and June. The government has mandated the Reserve Bank of India (RBI) to maintain retail inflation at 4 percent, with a margin of 2 percent on either side. The CPI-based inflation stood at 6.26 percent in June 2021 and 6.73 percent in July 2020. The overall food inflation softened to 3.96 percent in July this year, from 5.15 percent in the preceding month. Vegetable prices decreased at a faster pace, with inflation dropping to (-) 7.75 percent in July compared to (-) 0.7 percent in the previous month, as per the data.

The rate of price rise in pulses and products was 9.04 percent compared to 10.01 percent in June 2021. However, inflation was higher in protein rich items like meat, fish, eggs and milk. As per the National Statistical Office (NSO) data, the rate of price rise in the 'oils and fats' segment eased to 32.53 percent during July from nearly 35 percent in the previous month. Inflation in the fuel and light segment was mildly lower at 12.38 percent.

Meanwhile, rising demand along with low base effect on a year-on-year basis accelerated India's June industrial output. Accordingly, wavering impact of Covid 2.0 as well as easing travel restrictions triggered demand and subsequently the production rate.

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