New Delhi: India’s retail inflation jumped to a 4-month high of 5.08 per cent, from 4.80 per cent in May 2024. Retail inflation has been on a downtrend since February 2024 when MoSPI data recorded 5.09 per cent retail inflation. With the June data, inflation has jumped back above the 5 per cent levels last seen in February 2024. The consumer food price index of inflation jumped to 9.36 per cent in June (provisional basis) from 8.69 per cent in May and 4.55 per cent in June 2023.
Vegetable prices have hurt the consumer’s pocket in Juen 2024, with vegetable price inflation rising recorded at 29.32 per cent during the month. Pulses and products inflation stood at 16.07 per cent, while food and beverages inflation was at 8.36 per cent. Housing inflation also inched up to 2.69 per cent.
India’s core inflation, the price rise seen in 8 core sectors of the Indian economy minus food prices, remained flat at 3.1 per cent, according to CPI inflation data. Odisha recorded the steepest inflation rate among states in June 2024 at 7.22 per cent, followed by Bihar at 6.37 per cent according to MoSPI data.
June IIP data
The Index of Industrial Production rose to 5.9 per cent in May from 5.7 per cent during the same period a year ago. IIP jumped back after slumping for 2 straight months in March and April 2024.
#DoYouKnow what is IIP ?#IIP #Data #DataforDvelopment #DataForAll #EaseOfData@_saurabhgarg @mygovindia @PIB_India @PibMospi pic.twitter.com/pmnhhEfOWj
— Ministry of Statistics & Programme Implementation (@GoIStats) July 11, 2024
What rising inflation improved IIP mean for you?
Rising inflation indicates that the price of goods and services consumed by retail buyers has risen 5.09 per cent from the month of May to the month of June this year. Retail inflation has grown at a faster pace of 5.09 per cent compared to 4.80 per cent in May owing to the rise in the prices of tomatoes, potatoes, and vegetables. Tomatoes prices have jumped to RS 100 per kg in parts of India, while potato prices have also crossed the Rs 5 per kg mark.
IIP data shows the state of the manufacturing sector. From having grown at 4 per cent levels in December 2023-January 2024, the IIP has risen to 5.9 per cent in May 2024. To be sure, power generation, amid a worse-than-expected heat this Summer, has led to a rise in industrial activity. While mining has improved, manufacturing has actually declined on a year-on-year basis.
Retail inflation: Price rise jumped back above 5 per cent levels in June 2024 from 4.80 per cent in May as food price inflation surged during the month. Industrial production inched up to 5.9 per cent in June from 5 per cent in May. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
