CPI-based inflation above MPC comfort range for fourth straight month

Official data released on Thursday showed that CPI for July rose 6.93 per cent year on year, up from 6.23 per cent in June

Consumer Price Index (CPI)-based inflation came in above the monetary policy committee’s target band of 4 per cent (with a margin of +/-2) for the fourth consecutive month in July. 

The official data released on Thursday showed that retail inflation rose to 6.93 per cent year-on-year, up from 6.23 per cent in June, mainly because of a rise in food and petroleum prices.

Consumer Food Price Index-based inflation (CFPI) rose to 9.62 per cent in July, compared to 8.72 per cent in the previous month, the data by the National Statistical Office (NSO) showed.

Last week, the Reserve Bank of India’s (RBI’s) monetary