New Delhi, India — India’s consumer price inflation continued its upward trend for the ninth consecutive month in July, reaching 4.45%. This marks an increase from 4.38% in June and strengthens the likelihood of the country’s central bank implementing interest rate hikes later this year.
Despite the sustained rise, the headline inflation figure was slightly below economists’ forecasts of a 4.50% increase, as indicated by a Reuters poll.
According to a Monday release from India’s Ministry of Statistics and Program Implementation, food inflation in India climbed by 5.5% in July. Concurrently, inflation for personal transport and goods transport both rose by over 7% during the same period.
Earlier this month, India’s central bank opted to maintain benchmark interest rates at their current levels. This decision stands in contrast to many other Asian central banks, which have raised rates to combat inflationary pressures. These pressures have been largely attributed to disruptions in global energy supply chains, exacerbated by the ongoing conflict in Iran.
