India’s annual inflation eases to 3.54% YoY in July, lowest in 59 months

India’s annual inflation rate cooled down to 3.54 per cent year-on-year in July, “the lowest in the last 59 months,” as per the latest data from the National Statistical Office (NSO).

The decline in inflation was particularly noticeable in food prices, with the Consumer Food Price Index (CFPI) rising by 5.42 per cent year-on-year. The rural and urban inflation rates are 5.89 per cent and 4.63 per cent, respectively.

In July 2024, NSO collected prices from 100 per cent villages and 98.5 per cent urban markets while the market-wise prices reported therein were 88.71 per cent for rural and 92.64 per cent for urban.

The next Consumer Price Index (CPI) data for August 2024 is scheduled to be released on September 12th.

Attribution: Ministry of Statistics and Programme Implementation report