India's retail price inflation rate edged up to 3.21 percent year-on-year in August 2019 from the previous month's 3.15 percent, missing market expectations of 3.30 percent. Inflation remained below the Reserve Bank of India's medium-term target of 4 percent for the 13th consecutive month, despite recent cuts in interest rates.
Food prices rose 2.99 percent from a year earlier in August, the biggest gain since May 2018. Also, the food & beverages index went up 2.96 percent, with main upward pressure coming from: meat & fish (8.51 percent); vegetables (6.90 percent); non-alcoholic beverages (2.90 percent); prepared meals, snacks, sweets etc. (2.35 percent); pulses & products (6.94 percent); egg (0.29 percent); cereals & products (1.30 percent); spices (2.37 percent); oils & fats (0.65 percent); and milk & products (1.40 percent). By contrast, fruits prices dropped 0.73 percent and sugar & confectionery costs fell 2.35 percent.
Among non-food products, prices increased for housing (4.84 percent); miscellaneous (4.71 percent); pan, tobacco and intoxicants (5.00 percent); and clothing and footwear (1.23 percent). Fuel & light prices were 1.70 percent lower.
The corresponding provisional inflation rates for rural and urban areas were 2.18 percent and 4.49 percent, compared with July's figures of 2.19 percent and 4.22 percent respectively.
On a monthly basis, consumer prices went up 0.49 percent in August, easing from a 0.91 percent in July.
9/12/2019 12:19:21 PM