New Delhi: Wholesale price index-based price inflation declined to 11.16 per cent for the second consecutive month in July as food prices fell. However, prices of manufactured goods and crude oil also increased during this period. This information was disclosed by the Ministry of Commerce and Industries in a statement on Monday.
However, wholesale price index-based inflation for the third consecutive month in July remained two points, or 10 percent higher, due to last year's lower base impact.
"The high rate of inflation in July 2021 was due to lower base impact and crude oil and natural gas; there is an increase in the prices of manufactured products such as basic metals, food products, apparel, chemicals, and chemical products.''
However, July has seen a decline in the prices of food items for the third consecutive month. Inflation in food articles stood at 'zero' in July, which was 3.09 percent in June. However, there was an increase in the prices of onions during this period. Price of Onions inflated by a record 72.01 percent.
Crude petroleum and natural gas inflation stood at 40.28 percent in July, up from 36.34 percent in June. Manufactured products inflation stood at 11.20 percent in July, up from 10.88 percent in June.
The Reserve Bank of India has maintained policy rates at a record low, in compliance with its last monetary review. The Reserve Bank of India looks at retail inflation while carrying out the monetary review. According to data released last week, retail inflation declined to 5.59 percent in July.