India July Inflation Cools, Easing Pressure for Steep Hikes
- Consumer prices rose 6.71% last month, versus 6.75% estimate
- Price gains still remain above central bank’s tolerance band
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India’s retail inflation softened for a third straight month in July, taking some pressure off the central bank from pursuing sharp monetary tightening to return price gains back to its target band.
Consumer prices rose 6.71% last month from a year earlier, dipping below 7% for the first time in four months, data released by the Statistics Ministry showed Friday. That compares with an estimate of a 6.75% gain in a Bloomberg survey of economists and a reading of 7.01% in June.