BREAKING: Retail inflation falls to 6.71% in July, above RBI's upper band for seventh straight month

Consumer price-based or retail inflation slipped in July to 6.71 per cent as against 7.01 per cent recorded in June, government data showed on Friday. However, the figure stayed above the Reserve Bank of India's (RBI's) upper tolerance range of 6 per cent for the seventh straight month.

RBI has raised interest rates by 140 basis points (bps) so far this year to 5.40 per cent and may add more in the coming months. RBI Governor Shaktikanta Das said that inflation may not fall within the top end of its mandated target band until December this year.

The Reserve Bank factors in the retail inflation print while arriving at its bi-monthly monetary policy outcome.

The Centre has tasked RBI to ensure inflation remains at 4 per cent with a margin of 2 per cent on either side.