Retail inflation in India fell to a five-year low of 3.54% in July, dipping below the Reserve Bank's 4% target for the first time since September 2019, according to government data released on Monday.

This marks the seventh consecutive month of positive wholesale inflation after a period of negative growth that lasted until October last year.

The Ministry of Commerce & Industry attributed the positive inflation rate to hikes in prices across various sectors including food articles, electricity, crude petroleum, natural gas, and manufacturing of food products.