India Inflation Rises In July

(RTTNews) - India's consumer price inflation rose slightly in July, data from the Central Statistics Office showed Tuesday.

Consumer prices rose 7.96 percent year-on-year in July, faster than the revised 7.46 percent increase posted in June. The rate was also well above the expected rate of 7.4 percent.

Cost of food and beverages advanced 9.16 percent in July from last year and cost of fuel and light climbed 4.47 percent. The annual increase in clothing and footwear prices came in at 8.73 percent.

The Reserve Bank of India aims to bring consumer price inflation down to 8 percent by January 2015 and to 6 percent by January 2016.

The bank last week said while inflation at around 8 percent in early 2015 seems likely, it is critical that the disinflationary process is sustained over the medium-term.