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After an unexpected sharp rise in May 2021, retail inflation in India at 6.3% in June 2021 was the same as the previous month (fall by decimal points). Inflation was in line with our expectation but below that of the consensus.
Food inflation increased marginally in June-21 by 10 basis points to 5.1%. The high-inflation food items – edible oil, egg, pulses – recorded a further rise in inflation during the month.
High and rising core inflation has been a key concern for monetary policy. In June-21, core inflation softened marginally to 6.2%, from 6.4% the month prior.
On balance, services inflation softened, with decelerating inflation in personal care, recreation and health.
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