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India's Inflation Remains Broadly Stable In July

India's consumer price inflation remained broadly unchanged in July, figures from the statistics ministry showed on Tuesday.

The consumer price index rose 3.15 percent year-on-year after a 3.18 percent increase in June. Economists had forecast inflation to slow marginally to 3.09 percent. In the same period last year, inflation stood at 4.17 percent.

The food price index climbed at a faster pace of 2.36 percent compared to the 2.25 percent gain in the previous month.

On a monthly basis, consumer prices grew 0.91 percent and food prices moved up 1.63 percent in July.

Early this month, the Reserve Bank of India had reduced the key rate by 35 basis points to 5.40 percent, the lowest since 2010.

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