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Retail inflation in India: Where prices are hurting

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The fight against runaway inflation is far from over. As the Reserve Bank of India (RBI) noted in its August monthly bulletin released on Thursday (August 17), the uptick in inflation in its June reading mutated in July, with the unprecedented shock to tomato prices spilling over to prices of other vegetables.

So, even though core inflation — the non-food, non-energy component — witnessed a moderation, headline inflation is still expected to average well above 6 per cent in the second quarter.

‘Genie of inflation is still out’

Inflation data for July 2023, which came in at a 15-month high of 7.44 per cent, indicated “that the genie of inflation is still out of the bottle”. The RBI noted that upticks have flattered to deceive the good feeling of moderation that had started to set in during May and June.

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