PR No – 157
13th September, 2024
New Delhi
CPI remains subsided and IIP grows steady: PHDCCI
CPI inflation records the second lowest level at 3.65% in August 2024, on the back of second lowest food inflation since June 2023 and the decline in fuel and light prices, said Shri Sanjeev Agrawal, President, PHDCCI, in a press statement issued here today.
CPI inflation is under the Reserve Bank of India’s target band of 4% in the last two consecutive months of July and August 2024. CPI inflation in July 2024 was 3.6%, said Mr. Sanjeev Agrawal.
Going ahead, it is expected that rising kharif production boosted by an above-normal southwest monsoon will contribute to further softening CPI inflation, with further improvement in food supplies, said Mr. Agrawal.
The consistent growth of IIP at 4.8% in July 2024, supported by 4.6% growth in manufacturing, 12% growth in capital goods, and 6.8% growth in intermediate goods indicate steady momentum in India’s manufacturing sector, said Mr. Agrawal.
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Warm Regards,
Media Division
PHD Chamber of Commerce and Industry