The Consumer Price Index for August 2024 at 3.65% showed a slight uptick from the record low of 3.54% in July, which remains the lowest inflation rate seen in the past five years, as per the data released by Ministry of Statistics and Programme Implementation on Thursday.
Despite the increase, inflation remains comfortably within the Reserve Bank of India‘s (RBI) target of keeping inflation below 4% for the current fiscal year.
Rural inflation stood at 4.16%, while urban inflation was lower at 3.14%. Both figures represent a marginal increase compared to July’s rates.
The Consumer Food Price Index (CFPI) for August 2024 came in at 5.66% (provisional), with rural food inflation at 6.02% and urban food inflation at 4.99%. In comparison, July’s overall food inflation was slightly lower at 5.42%.
Among key food items, tomatoes exhibited the largest year-on-year deflation at -47.91%, with a month-on-month price drop of 28.8%, signaling significant price corrections.
IIP July 2024
India’s Index of Industrial Production (IIP) grew by 4.8% in July 2024, marginally up from 4.7% in June 2024, according to data released by the Ministry of Statistics and Programme Implementation on Thursday.
The Quick Estimates of the IIP reached 149.6 in July 2024, a notable increase from 142.7 in July 2023.
The top three positive contributors to IIP growth based on use-based classification for July 2024 were Primary Goods, Intermediate Goods, and Consumer Durables.
