Mumbai: According to a report in the Reserve Bank of India's (RBI) monthly bulletin, released on Thursday, the Indian economy is picking up steam in the second quarter, despite inflation averaging beyond the central bank's comfort zone of 6%.
As the price of tomatoes, vegetables, and other food goods skyrocketed in July, consumer price index (CPI) based retail inflation jumped sharply to 7.44 percent in July, from 4.87 percent in June.
Prime Minister Narendra Modi said in his Independence Day address to the nation that further action will be taken to curb inflation.—Inputs from Agencies