India’s retail inflation falls to 3.54%

Business: India’s retail inflation eased to 3.54% year-on-year in July, benefiting from a high base effect, according to government data released on Monday. The inflation rate has fallen below the Reserve Bank of India’s medium-term target of 4 percent for the first time in nearly five years. In June, the rate rose for the first time in five months, rising to 5.08 percent year-on-year, driven by higher food prices. By July 2023, retail inflation had reached 7.44 percent.