India's retail inflation dips below 7% in July; IIP growth in double digits

Consumer prices in the country grew 6.71 per cent in July, compared to the year ago period. Although retail inflation remained higher than the upper tolerance limit of RBI's target range of 2-6 per cent for a seventh straight month, it has dipped lower than 7 per cent for the first time in four months. Inflation has been receding for the last four months, it had touched a high of 7.79 per cent in April.

RBI, in its latest monetary policy committee meeting had raised the rates by 50 bps to 5.4 per cent--higher than the pre-pandemic level. Rates have