The All India Consumer Price Index (CPI) for July 2024 indicates a significant decrease in the year-on-year inflation rate, marking the lowest level observed in the past 59 months. The provisional inflation rate for July 2024 stands at 3.54 percent, with a rural inflation rate of 4.10 percent and an urban rate of 2.98 percent.
Notably, food inflation for July 2024 is at its lowest since June 2023. The year-on-year inflation rate based on the Consumer Food Price Index (CFPI) is provisionally recorded at 5.42 percent, with rural areas experiencing a rate of 5.89 percent and urban areas at 4.63 percent.
July 2024 has seen a broad-based decline in inflation across all groups, with particularly significant reductions in the vegetables, fruits, and spices subgroups.
