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Financial News: India Inflation Exceeds Expectations In June

India Inflation Exceeds Expectations In June

07/13/2020 - 09:19:00 (RTTNews)

(RTTNews) - India's consumer prices increased more than expected in June largely driven by higher food prices, data from the National Statistical Office revealed Monday.

Consumer prices climbed 6.09 percent year-on-year in June, which was above economists' forecast of 5.3 percent.

The government did not release the headline consumer price inflation data for April and May due to insufficient data during the nationwide lockdown. In March, inflation was 5.9 percent.

The central bank aims to keep headline consumer price inflation at 4 percent within a band of +/- 2 percent.

Food price inflation slowed to 7.87 percent in June from 9.2 percent in May.

Data showed that clothing and footwear prices increased 3.53 percent and housing cost advanced 3.55 percent. Fuel and light cost moved up 2.69 percent annually.

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