India’s retail inflation eased to an eight-year low of 1.55% in July, a picture of calm that hides a few restless prices beneath the surface. The drop was led mainly by cheaper food, especially vegetables and pulses, both in deep deflation last month. That fall was enough to pull overall food inflation into negative territory for the second month running.Yet not every item in the food basket is playing along. Edible oils have been the stubborn outlier, with inflation in the “oils and fats” category stuck in double digits since November 2024.
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