In June 2024, India’s retail inflation reached a four-month high of 5.08%, driven by a sharp rise in food prices, particularly vegetables, amidst extended heatwave conditions. This surge marks the 57th consecutive month above the RBI’s 4% target range, limiting immediate prospects for interest rate cuts.
India’s IIP grew by 5.9% in May 2024, the highest since October 2023, propelled by increased manufacturing and electricity production amidst rising demand during the heatwave.
The latest economic data underscores challenges for monetary policy, with inflationary pressures from food prices likely to influence RBI’s upcoming decisions. The industrial growth, while positive, faces uncertainties amid persisting inflationary trends.
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