Retail inflation nearly 7% on food prices rise

Retail inflation inched close to the 7% mark in July, accelerating higher than expectations on the back of hardening food prices. The consumer price index rose an annual 6.9% in the previous month, higher than the upwardly revised 6.2% in June, dashing hopes of any interest rate cuts for now. Food inflation soared to an annual 9.6% in July from 8.7% in the previous month as supply disruptions continued to take toll.

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