India inflation likely edged up in July on higher food prices: poll
4 years, 4 months ago

India inflation likely edged up in July on higher food prices: poll

Live Mint  

India's retail inflation edged up slightly in July due to higher food prices, remaining firmly above the RBI's medium-term target of 4% for a 10th straight month, a Reuters poll showed. Food prices, which account for nearly half the inflation basket, have soared since April due to supply-side disruptions caused by a nationwide lockdown imposed to contain the spread of the coronavirus which has infected more than 2 million people and killed over 44,000 in the world's second-most populous country. The RBI kept interest rates on hold last week after reducing the repo rate by a total of 115 basis points since February - despite a recent rise in retail consumer prices - but said it would ensure inflation remains within target. According to the RBI's latest survey, household inflation expectations for the three-month and one-year horizons rose to over 10% in July, suggesting Asia's third-largest economy could enter a period of stagflation - a phase with lofty inflation, high unemployment and stagnant demand.

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