India retail inflation likely at 4.50% in July: Reuters poll
India's retail inflation probably climbed to 4.50% in July, up from 4.38% in June, according to a Reuters poll of economists.
This is the second month it's gone above the RBI's target of 4%.
Official numbers drop on August 12, with estimates ranging from just under 4% to as high as 5.5%.
Erratic rainfall lifts India food inflation
Inflation's jump is mostly thanks to pricier food: erratic rainfall hit crops, pushing costs up for households (who spend over 40% on food).
Even so, inflation stayed within RBI's broader target range (2%-6%), so interest rates haven't changed.
RBI expects around 5% inflation average
The RBI expects inflation to average around 5% this financial year and sees core inflation (excluding food and fuel) at about 4.08%.
Wholesale inflation is predicted to stay flat at 9.95%, showing price pressures aren't going away soon.