PR No – 141
12th August, 2024
New Delhi
CPI inflation eases to 3.5% in July 2024, lowest in the last 59 months: PHDCCI
It is highly appreciable that the CPI inflation has exhibited a decline in the year-on-year inflation rate at 3.5% for the month of July 2024 from 5.08% in June 2024, said Mr. Sanjeev Agrawal, President, PHD Chamber of Commerce and Industry.
The food and beverages inflation eased sharply from 8.4% in June 2024 to 5.06% in July 2024 and fuel and light inflation from -3.7% in June 2024 to -5.4% in July 2024, are the main drivers of the softening inflation trajectory, said Mr. Sanjeev Agrawal.
CPI inflation is under the Reserve Bank of India’s target band of 4 per cent for the first time in the recent many years supported by continued efforts by the government to strengthen supply chains, said Mr. Sanjeev Agrawal.
Going forward, an increase in kharif production, backed by projection of above-normal southwest monsoon, is expected to contribute to further easing of the CPI inflation, said Mr. Sanjeev Agrawal.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry