Survey: India's inflation rate in July may drop to an 8-year low

Jin10 data August 8th news, a survey by Reuters of 41 economists shows that the cooling of food price rises may cause India’s retail inflation rate in July to drop to 1.76%, the lowest in 8 years, and for the first time in six years below the lower end of the Reserve Bank of India’s 2% to 6% tolerance range. Despite uneven monsoons, India’s bountiful spring harvest has helped the country control food prices, extending the longest anti-inflation period in over a decade. The survey shows that India’s CPI year-on-year rate in July is expected to decrease from 2.10% in June to 1.76%. The forecast range is from 1.10% to 3.10%. If correct, this would mark the ninth consecutive month of declining inflation.