June retail inflation rises to 4.3%
· Scroll
India’s retail inflation increased to 4.3% in June from 3.9% in May driven by elevated food and fuel prices amid the war in West Asia and a delayed southwest monsoon, showed government data released on Monday.
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Retail inflation measures the change in consumer prices in a month on a year-on-year basis.
This is the first time the Consumer Price Index reading has breached the Reserve Bank of India’s 4% target in 17 months. The central bank is tasked with keeping inflation at 4%, with a tolerance band between 2% and 6%.
Food inflation increased to 5.3% in June from 4.7% in May, the Ministry of Statistics and Programme Implementation said.
Global energy prices have been elevated since March after the war broke out in West Asia and the Strait of Hormuz was effectively blocked for most international commercial vessels. India imports 88% of its crude oil needs and about half of its natural gas requirement. This mostly comes through the strait.
The global price of benchmark Brent crude had reached as high as $114 per barrel on May 4. It was $78 per barrel on February 27, a day before the conflict started.
The price fell to the pre-war level after the United States and Iran announced on June 15 that they had reached a peace deal and...