Retail inflation inches up to 6.93% in July on the back of higher food prices

Retail inflation inched up to 6.93 per cent for the month of July as food prices shot up owing to disruption and floods in eastern India.

The Consumer Food Price Index rose 9.62 per cent in the month of July versus 8.72 per cent in June.

The data for the month of June has been revised upwards to 6.23 per cent.

The inflation print exceeds the upper band of the RBI's mid-term inflation target. The RBI had maintained a status quo on policy rates in the recently conculded MPC meeting owing to higher retail inflation.

It had flagged higher inflation as one of the concerns.