India Inflation Accelerates

(RTTNews) - India's consumer price inflation advanced more than expected in June on food and energy prices, data from the Ministry of Statistics and Programme Implementation showed Monday.

The consumer price index registered an annual increase of 4.38 percent in June compared to 3.93 percent growth in May. Prices were expected to grow 4.3 percent.

Food price inflation accelerated to 5.32 percent from 4.78 percent in the prior month. Transport prices surged 4.31 percent and housing inflation stood at 2.1 percent.

Consumer price inflation came in above the Reserve Bank of India's 4 percent midpoint target. At the June rate-setting meeting, the RBI had raised its inflation outlook for the current year to 5.1 percent from 4.6 percent, citing higher oil prices and monsoon uncertainty.