In the coming days, the inflation figures for both retail and wholesale prices in August will be released.
Both the general public and the government expect similar results to those seen in July.
However, ahead of the official announcement, the government has shared some positive news regarding inflation. Here’s what has been reported so far.
Industrial Workers’ Inflation Falls
The government has released the retail inflation figures specifically for industrial workers, and the news is encouraging.
According to the data, retail inflation for industrial workers fell to 2.15% in July 2024.
The Ministry of Labor stated that the All India CPI-IW (Consumer Price Index for Industrial Workers)
increased by 1.3 points in July 2024, reaching 142.7 points compared to 141.4 points in June 2024.
Inflation Comparison With Last Year
In July 2024, inflation dropped to 2.15%, a significant decrease from 7.54% in July 2023. Similarly, inflation in June 2024 stood at 3.67%, compared to 5.57% in June 2023.
The Labour Bureau, under the Ministry of Labour and Employment, collects retail prices from 317 markets in 88 key industrial centers across the country to prepare this Consumer Price Index for Industrial Workers.
Upcoming Inflation Data and RBI’s Estimate
The retail inflation data for August 2024, which reflects the country’s economic condition, is expected to be released on September 12.
In July 2024, retail inflation had dropped to a five-month low of 3.5%. In comparison, inflation was at 7.44% in July 2023, a 15-month high.
Despite the drop in July’s inflation below 4%, the Reserve Bank of India (RBI) has maintained its forecast.
The RBI estimates the country’s average inflation will be 4.5% for the financial year 2025.
While crude oil prices have decreased in the international market, experts predict that retail inflation might increase slightly by 0.35% to 0.45% in the August figures but will likely remain under 4%.
