The government released its monthly inflation data for the month of July on August 12. In the data set, it was revealed that the inflation in the country had cooled down from the previous month’s (June) 5.08 per cent to 3.54 per cent. This marked a difference of 1.54 per cent or 154 basis points.
Inflation Rates Dip
Consumer Price Index Numbers on Base 2012=100 for Rural, Urban and Combined for the month of July 2024
Key highlights:
There is sharp decline in the Year-on-year inflation rate based on All India Consumer Price Index (CPI) number for the month of July, 2024, which is the… pic.twitter.com/tFVBnI23AC
— PIB India (@PIB_India) August 12, 2024
This ostensibly monumental distinction or change elicited a few reactions. And one netizen even took note of this and enquired about it on social media platform X.
The X user, who claims to be a ‘practising chartered accountant’ asked, “Why isn’t the lowest inflation in July 2024 in 5 years trending?”
Although not immediate, many others online responded to this post and contradicted him. One user remarked, “Because it doesn’t reflect in our monthly bills.”
Another user reflected the sentiment, raising concerns over the distinction between data and reality. They remarked, “Rubbish !! Go outside and feel the real inflation.”
Another user was even more critical and projected a lack of trust in the system. He remarked, “No one believes in these figures anymore.! We have seen the worst @FinMinIndia and she is still there, so the ultimate worst is still yet to come.
Another set of X users agreed with the suggestion that not much is being said or not much appreciation is being shown to the ‘welcome development’. One user remarked, “People in X are kept busy with trending negativity on Budget, Income tax, no one has the time to appreciate this important thing.”
Sigh. Because inflation is measured yoy and the base (July 2023) was marked by insanely high food prices? https://t.co/ffxO1FlnaH pic.twitter.com/DSaIQcJslr
— Sarayu Pani (@sarayupani) August 14, 2024‘After 10 Years Of NDA, This Is Not Acceptable’: Infosys Ex-CFO Mohandas Pai Bemoans EPFO Woes
Another user commented on the matter and said, “Sigh. Because inflation is measured yoy and the base (July 2023) was marked by insanely high food prices?”
It is interesting to note, that although the inflation numbers declined in July, the prices of essentials like vegetables rose 14.13 per cent month-on-month. However, year-on-year inflation dropped from 29.32 per cent to 6.83 per cent.
