Inflation rate drops to 11.14% in July-NBS

The RBI has raised its inflation outlook to 4.8% in the second half of 2018-19 from its earlier projection of 4.7

As the pound has recovered, inflation once again started to fall, dropping from 3% at the end of 2017 to 2.4% last month.

The rate of price rise in fruits slowed down 6.98 percent, as against over 10 percent in the previous month.

The CSO data revealed that inflation in vegetables declined by (-) 2.19 percent last month, compared to 7.8 percent in June.

The central bank had, in its third bi-monthly monetary policy statement for 2018-19, earlier this month projected retail inflation at 4.6 per cent in the second quarter of the financial year and 4.8 per cent in the second half.

The Asian Development Bank (ADB) had also raised its average inflation projection for India last month from 4.6% to 5% for the fiscal year, because of higher crude oil prices, a depreciating rupee and increase in MSP.

'These findings coupled with CIPD data that total FTSE 100 Chief Executive pay has increased by 11 per cent in the past year and at a time when rail passengers face a substantial fares increase, will give rise to widespread public anger about the fairness of our society'.

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Hawksworth added: "With jobs growth also slowing in the latest figures, real household income growth will remain subdued and we expect that this will continue to hold back consumer spending growth to modest levels over the next 12-18 months".

"These figures show that the cost of living squeeze is not yet a thing of the past", Tej Parikh, a senior economist at business lobbyist the Institute of Directors said in an email.

"Inflation in most other components of core inflation eased, as the boost from sterling's depreciation continued to wane", he said.

Meanwhile the Retail Prices Index (RPI) measure of inflation fell to 3.2%. The measure excludes 5% of the highest and lowest price changes.

Much of that cost pressure has been caused by oil price increases of more than 50% over the period. "Based on this analysis, CPI inflation is set to return to the 2% target over the year ahead".

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