Retail inflation eases marginally to 7.01% in June

New Delhi, July 12: India's Retail Inflation, measured by the Consumer Price Index or CPI fell to 7.01% in June due to slight easing in food prices, though it still remained above the Reserve Bank's comfort level.

The consumer price index (CPI) based inflation stood at 7.04 per cent in May and 6.26 per cent in June 2021. Inflation in the food basket in June 2022 was 7.75 per cent, compared to 7.97 per cent in the preceding month, as per the National Statistical Office (NSO) data.

The RBI has been asked to ensure that inflation remains at 4 per cent with a margin of 2 per cent on either side.

The retail inflation is ruling above the RBI's upper tolerance limit of 6 per cent since January 2022.

Meanwhile, experts and economists had earlier anticipated that the retail price inflation may hover in the range of 7% or a little above it in June.

The retail price inflation for the month of May was 7.04% and 7.79% in April this year.

Earlier this year on May 21, Finance Minister Nirmala Sitharaman cut excise duty on petrol by Rs 8 per litre and Rs 6 per litre on diesel in order to keep the soaring inflation under control. For the month of March, inflation based on CPI Index was recorded at 6.95%.