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RBI, in its latest monetary policy committee meeting had raised the rates by 50 bps to 5.4 per cent–higher than the pre-pandemic level. Rates have increased 140 bps since June.
The food inflation did not decline as fast and came in at 6.75 per cent.
The industrial production in June increased to 12.3 per cent, supported by a low base.
The data, released by the National Statistical Office on Friday, showed that the Consumer Price Index (CPI)-based inflation eased only marginally to 6.71 per cent in July from 7.01 per cent in the previous month, while the Index of Industrial Production (IIP) grew 12.3 per cent in June compared to 19.6 per cent in May.
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