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India: Inflation rises for first time in 10 months in August
Latest reading: After declining for nine months, inflation rose to 2.1% in August from July’s over eight-year low of 1.6%. However, the reading broadly met market expectations and was comfortably within the Reserve Bank of India’s 2.0–6.0% tolerance band.
Prices for food and beverages continued to fall as a result of recently strong harvests, but did so at a softer rate as a result of a lower base effect: They fell for the first time in seven months in August 2024. Accordingly, August’s rise should be taken with a pinch of salt.
The trend pointed down slightly, with annual average inflation coming in at 3.8% in August (July: 3.9%).
Lastly, consumer prices increased 0.46% over the previous month in August, decelerating from July’s 0.98% rise.
