Retail inflation eases to 6.71% in July as food prices soften

New Delhi: Retail inflation softened to 6.71 per cent in July, mainly on account of moderation in food prices, government data showed on Friday.

In June, retail inflation was at 7.01 per cent and it stood at 5.59 per cent in July 2021. Read More: Bank Holidays in August 2022: Banks to be closed for 5 days in a row from today; Check list

According to the data, food inflation in July 2022 moderated to 6.75 percent as against 7.75 per cent in June. Read More: PPF Scheme: Save Rs 1.5 crore for retirement by investing Rs 1.5 lakh every year, here's how

The Consumer Price Index (CPI) based retail inflation, however, remained above the Reserve Bank of India's upper tolerance level of 6 per cent. It has remained above the 6 per cent mark for the past seven months.

In the first three months of the current fiscal, retail inflation remained above 7 per cent.