India's retail inflation dropped to 3.54% in July 2024, the lowest in five years, and below the Reserve Bank of India's 4% target for the first time since September 2019.
This decline follows a volatile period where inflation hit a four-month high of 5.08% in June. The sharp drop is mainly due to a significant reduction in food prices, with the consumer food price index falling to 5.42% from 9.36% in June, as reported by the National Statistical Office.