New Delhi, Aug. 13 -- India's benchmark inflation fell to 1.55% in July , the second lowest monthly inflation in the current series on the back of a contraction in food prices. The latest inflation numbers vindicate the Reserve Bank of India's downward revision of its annual inflation forecast from 3.7% to 3.1% in the Monetary Policy Committee (MPC) meeting held earlier this month but also underline its concerns about the benign inflation environment being driven by food prices. Indeed, while the food part of the CPI basket contracted by 1.8% in July, its non-food component saw an annual growth of 3.9%. With the inflation numbers turning out to be low as RBI expected them to, the policy focus will now shift to June quarter growth numbers wh...