New Delhi, July 15 -- Although a dip was expected, the scale of it has come as a surprise-a pleasant one at that. Consumer inflation in June fell to an over six-year low of 2.1% from a year earlier, compared with 2.8% in May, according to data released by India's government on Monday.

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This was thanks mainly to food prices, which fell 1.06%, driven by vegetables and pulses. Monsoon rainfall has resumed after an early pause and its coverage has widened, which should help keep a lid on food prices.

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Externally, crude oil prices have been calm since the end of Iran-Israel hostilities, spelling its own bi...