Retail inflation comes down to 6.71 percent in July

On the inflation front, the common man has got some relief in July as compared to June. India’s retail inflation declined to 6.71% in July. Whereas in July 2021 last year, the inflation rate was 5.59 percent. Earlier in June this year, retail inflation stood at 7.01%. However, this is the seventh consecutive month that the inflation rate is well above the Reserve Bank of India’s (RBI) limit of 4-6%. Retail inflation was recorded at 6.01% in January, 6.07% in February, 6.95% in March, 7.79% in April and 7.04% in May and 7.01% in June. According to the data of the National Statistical Office (NSO), there has been some relief from inflation in July due to cheaper food items.

Food inflation dips to 6.75%

As per the data, food inflation has come down to 6.75% in July 2022 as against 7.75% in the month of June. In the first three months of the current financial year, retail inflation has been above 7%. On the other hand, the industrial production (IIP) of the country has registered a growth of 12.3 percent during June 2022. According to the Industrial Production Index (IIP) released by NSO on Friday, industrial production grew by 12.3 per cent in the month of June. IIP grew by 13.8 per cent during June 2021 from a year ago.

According to these figures, the manufacturing sector’s production grew by 12.5% ​​in June 2022. Apart from this, there has been an increase of 7.5% in mining production and 16.4 percent in electricity generation. In this way, during the first quarter (April-June) of the current financial year, the IIP has grown by 12.7 percent. Industrial production grew by 44.4 per cent in the same period a year ago. Significantly, due to the onset of the Covid-19 pandemic in March 2020, industrial production in the quarter April-June 2020 was significantly negatively impacted and it fell by 18.7 percent.

Exports stood at $36.27 billion in July

The country’s exports grew by 2.14 per cent to $36.27 billion in July. At the same time, the trade deficit almost tripled to reach $ 30 billion in the same month. Imports grew 43.61 per cent year-on-year to $66.27 billion in July, according to official data released on Friday. The trade deficit stood at $10.63 billion in July 2021. According to preliminary data released earlier this month, exports in July were projected to decline 0.76 per cent to $35.24 billion. It was $35.51 billion in July 2021.