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India's Inflation Accelerates In July

India’s consumer price inflation accelerated in July as supply-side disruptions lifted food price growth, data from the National Statistical Office revealed Thursday.

Consumer price inflation rose unexpectedly to 6.93 percent in July from 6.23 percent in June. Economists had forecast the rate to ease to 6.15 percent.

Food price inflation accelerated to 9.62 percent from 8.72 percent a month ago.

Clothing and footwear prices moved up 2.91 percent annually and housing cost advanced 3.25 percent. At the same time, the increase in fuel and light cost was 2.8 percent.

On a monthly basis, consumer prices gained 1.58 percent and food prices advanced 2.48 percent in July.

The central bank targets CPI inflation of 4 percent within a band of +/- 2 percent. The bank had retained its key rate at 4 percent early this month.

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