Retail inflation eases to 6.71% in July; IIP grows 12.3% in June

India’s retail inflation based on consumer price index (CPI) eased to 6.71% in July, data released by the government showed on Friday. The moderation in inflation figures is mainly on account of softening in food prices, government data showed. However, inflation continues to remain above Reserve Bank of India’s (RBI) upper tolerance level of 6%. It has remained above this mark for the past 7 months now.