India’s retail inflation in July fell to a near five-year low, as food prices eased from previous highs due to a base effect.

Year-on-year inflation rate based on All India Consumer Price Index (CPI) number is 3.54% (Provisional) for the month of July, 2024, which is the lowest in the last 59 months, said the Ministry of Statistics & Programme Implementation (MoSPI).

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Corresponding inflation rate for rural and urban is 4.10% and 2.98% ,respectively, it added.

During the month of July 2024 there is a decline in inflation for all the groups. Significant decline is in the vegetables, fruits and spices subgroup, MoSPI added.

Food inflation for July 2024 is the lowest since June 2023. Year-on-year inflation rate based on All India Consumer Food Price Index (CFPI) number is 5.42%(Provisional) for the month of July, 2024. Corresponding inflation rate for rural and urban is 5.89% and 4.63%, respectively.

As per the data, Spices saw the lowest inflation rate at -1.43%. This was followed by oils and fats at -1.17%, and non-alcoholic beverages, which saw a 2.29% increase.

Pulses saw the highest amount of inflation, increasing 14.77% year-on-year. This was followed by cereals, which saw an 8.14% inflation rate, and vegetables, which saw a 6.83% inflation rate.

Further, the MoSPI data said for June 2024, the Quick Estimates of IIP with base 2011-12 stands at 150.0 against 143.9 in June 2023.

The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of June 2024 stand at 134.9, 145.3 and 222.8 respectively.

For Primary Goods, the indices stand at 156.0, 110.0 for Capital Goods, 159.0 for Intermediate Goods and 178.4 for Infrastructure/ Construction Goods for the month of June 2024.

Further, the indices for Consumer durables and Consumer non-durables stand at 126.9 and 144.6 respectively for the month of June 2024.

The IIP growth rate for the month of June 2024 over the corresponding period of previous year is 4.2% while the IIP growth rate in June 2023 was 4%.

The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of June 2024 over June 2023 are 10.3%, 2.6% and 8.6% respectively.

Within the manufacturing sector, the growth rate of the top three positive contributors to the growth of IIP for the month of June 2024 are – “Manufacture of basic metals” (4.9%), “Manufacture of electrical equipment” (28.4%), and “Manufacture of motor vehicles, trailers and semi-trailers” (4.1%).