Retail inflation rises 7% in August; July IIP fell by 2.4%


New Delhi: According to official data released on Monday, retail inflation in India rose to 7% in August from 6.71% in July, mainly due to rise in food costs.

For the eighth consecutive month, the consumer price index has exceeded the Reserve Bank’s relaxation of 6% for inflation.

The results show that food basket inflation rose to 7.62% in August, from 3.11% in August 2021 and 6.69% in July.

India’s industrial output grew by 2.4% in July, according to official information made public on Monday. IIP grew by 11.5% in July 2021.

According to the Index of Industrial Production (IIP) data of the National Statistical Office (NSO), the manufacturing sector output grew by 3.2% in July 2022.

During the same period, electricity generation increased by 2.3% but mining output decreased by 3.3%.

Industrial production declined by 57.3% in April 2020 due to a decline in economic activity following the lockdown imposed to prevent the spread of coronavirus infection.

Although rising inflation is a worldwide problem, it is especially felt in countries like India where millions of people are living in extreme poverty.

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