Retail inflation prints at 6.71% in July, declining for the third straight month
The drop in inflation in July is primarily attributed to easing global commodity prices given the looming recession fears. The international crude oil prices are down about 9% this month and below 100 dollars a barrel, hitting pre-Ukraine crisis lows. The fuel tax cut announced by the government has contributed to lower fuel price-based inflation. Restrictions on wheat exports and lower import duties have contributed to easing the pressure on food items.
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