Categories: बिजनेस

Retail inflation declines to 6.83% in August compared to July, Industrial output rises 5.7%


Image Source : PEXELS A man standing near gray metal equipment in a factory

India’s retail inflation declined to 6.83% in August 2023 from 7.44% in July 2023. This is the first time since February 2023 that the retail inflation has come down below 7%. The decline in inflation was mainly due to easing food prices. The inflation in food items fell to 7.05% in August from 7.75% in July. Prices of vegetables, pulses and spices declined significantly. Meanwhile, India’s industrial production (IIP) rose by 5.7% in July 2023, compared to a growth of 4.0% in the same month a year ago. This is the highest IIP growth rate in the current financial year.

The growth in IIP was broad-based, with all the three major sectors – manufacturing, mining and electricity – registering positive growth. The manufacturing sector grew by 6.3%, the mining sector by 4.2% and the electricity sector by 8.3%.

The growth in industrial production was supported by strong demand from both domestic and external markets. The domestic demand was boosted by government spending on infrastructure projects and the festive season. The external demand was supported by the recovery in global trade.

Inflation in India eased to 6.83% in August 2023, from 7.01% in the previous month. This was the lowest inflation rate in five months. The easing of inflation was due to a decline in food prices, which fell by 0.9% in August.

The moderation in inflation is positive for the Indian economy. It will help the Reserve Bank of India (RBI) to continue with its accommodative monetary policy stance. This will support economic growth.

Also read | India reduces additional 20% duty on US apples, maintains 50% MFN duty

Also read | ‘There is no such proposal’: Nitin Gadkari clarifies on reports of additional tax on diesel engine vehicles

Latest Business News



News India24

Recent Posts

अपने गुरुद्वारे से एमएमए तक: किरू सहोता का लक्ष्य यूएफसी सीजन 3 के फिनाले तक पंजाबी लहर को प्रज्वलित करना है – News18

आखरी अपडेट:23 नवंबर, 2024, 01:24 ISTकिरू सिंह सहोता ने सिख समुदाय का प्रतिनिधित्व करने का…

2 hours ago

प्रभावशाली टेस्ट पदार्पण के बाद मुरली विजय ने 'शांत और शांत' नीतीश कुमार रेड्डी की सराहना की

भारत के पूर्व क्रिकेटर मुरली विजय ने पर्थ के ऑप्टस स्टेडियम में ऑस्ट्रेलिया के खिलाफ…

3 hours ago

पंजाब समाचार: पुलिस ने हथियार तस्करी मॉड्यूल का भंडाफोड़ किया, अमृतसर में 6 गिरफ्तार

अमृतसर: पंजाब के पुलिस महानिदेशक (डीजीपी) गौरव यादव ने शुक्रवार को यहां कहा कि अमृतसर…

3 hours ago

अविश्वास यादव बोले- वोट का प्रमाण पत्र लेने तक साक्षी-सावधान बने रहें – इंडिया टीवी हिंदी

छवि स्रोत: पीटीआई सांकेतिक चित्र नाऊनः उत्तर प्रदेश में शनिवार को नौवीं तिमाही का परिणाम…

4 hours ago