85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
India’s retail inflation measured by consumer price index (CPI), saw a huge rise to 7.44 per cent in July owing to hike in food prices, as food inflation witnessed a massive jump of 11.51 per cent.
The rise in retail and food inflation in July is huge compared to the fact that retail inflation in June was 4.87 per cent, while food inflation was 4.55 per cent.
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The July inflation has also breached RBI’s tolerance limit of 6 per cent.
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The big spike in retail inflation in July is mainly due to increase in prices of fruits and vegetables, cereals, pulses, milk products and even clothing and footwear, according to figures released by ministry of statistics and programme implementation on Monday.
In July 2022, retail inflation was 6.71 per cent and food inflation was 6.69 per cent.
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