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The retail inflation as measured by consumer price index inched up to 7% in August on high food inflation, bucking the easing trend of previous three months.
Higher prices for items like wheat, rice and pulses countered the easing edible oil prices leading to a rise in food inflation in August.
The inflation print was marginally higher than our estimate of 6.9%. There was a pick-up in sequential momentum in August. Core inflation also inched up marginally above 6% level.
Food and beverage inflation rose to 7.6% in August from 6.7% in July with key categories like cereals, milk, vegetables, pulses, spices and packaged food witnessing a higher inflation during the month. These items have a combined weightage of nearly 32% in the overall CPI basket.
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