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India’s retail inflation was 3.65% in August 2024, according to the All India Consumer Price Index (CPI) data released on Thursday, September 12, 2024.
A woman selects tomatoes from a vegetable vendor, at a wholesale market in Navi Mumbai, India August 4, 2023. (Francis Mascarenhas/Reuters)
The combined inflation (rural and urban) fell to 3.65% in August 2024, compared to 6.83% in August 2023. However, it has increased by 110 basis points when compared to the previous month’s 3.54%.
This was the second time in nearly five years that overall retail inflation fell below the Reserve Bank of India’s 4% inflation target. The last time was July 2024.
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The RBI’s inflation target is 4% with a tolerance band of +/- 2 percentage points, meaning that the target is within the range of 2% to 6%.
What were the urban and rural inflation rates in India?
Urban inflation fell to 3.14% in August 2024, compared to 6.59% in August 2023.
Rural inflation fell to 4.16% in August 2024, compared to 7.02% in August 2023.
How much was India’s food inflation in August 2024?
The combined Consumer Food Price Index (CFPI), which shows food inflation was 5.66% in August 2024, compared to 9.94% in August 2023.
Urban food inflation fell to 4.99% in August 2024, compared to 10.42% in August 2023.
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Rural food inflation fell to 6.02% in August 2024, compared to 9.67% in August 2023.
Tomatoes have exhibited the lowest year on year inflation (-47.91%) as well as lowest MoM change in index (-28.8%).
The prices of which items rose the most in August 2024?
The prices of vegetables rose the most by 10.71%, compared to the other item categories. In urban areas, the rise was 13.22% and in rural areas, it was 13.22%.
Which states/UTs experienced the most inflation and which ones experienced the least?
Bihar witnessed the highest combined inflation among all Indian states in August 2024 at 6.62%, followed by Odisha at 5.63% and Assam at 5.03%.
On the other hand, Telangana had the lowest combined inflation of 2.02% followed by Uttarakhand at 2.37% and Delhi at 2.52%
How did the Indian stock market perform?
The Indian stock market rallied today, with the benchmark BSE Sensex closing at 82,962.71 after the trading session today. This was a gain of 1.77% or 1439.55 points.
The NSE Nifty closed at 25,388.90, a gain of 1.89% or 470.45 points.
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