There is sharp decline in the Year-on-year inflation rate based on All India Consumer Price Index (CPI) number for the month of July, 2024, which is the lowest in the last 59 months.
Year-on-year inflation rate based on All India Consumer Price Index (CPI) number is 3.54% (Provisional) for the month of July, 2024. Corresponding inflation rate for rural and urban is 4.10% and 2.98%, respectively.
Food inflation for July 2024 is the lowest since June 2023. Year-on-year inflation rate based on All India Consumer Food Price Index (CFPI) number is 5.42% (Provisional) for the month of July, 2024. Corresponding inflation rate for rural and urban is 5.89% and 4.63%, respectively.
During the month of July 2024 there is a decline in inflation for all the groups. Significant decline is in the vegetables, fruits and spices subgroup.
The price data are collected from selected 1114 urban Markets and 1181 villages covering all States/UTs through personal visits by field staff of Field Operations Division of NSO, MoSPI on a weekly roster. During the month of July 2024, NSO collected prices from 100% villages and 98.5% urban markets while the market-wise prices reported therein were 88.71% for rural and 92.64% for urban
