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The inflation report came as Statistics Canada also reported retail sales for June increased 0.6 per cent to $43.2 billion, topping expectations for a gain of 0.2 per cent, according to Thomson Reuters.

At the RBI’s monetary policy review last earlier this month, Governor Raghuram Rajan said the fall in oil prices has been very beneficial for the country. In a future column, I’ll discuss the effects of the decline on the U.S. Federal Reserve’s timetable for...

The stock market’s steep decline this week has pushed the Dow Jones industrial average into what is known as “correction” territory.

The Labor Department said its consumer price index edged up by 0.1 percent in July after climbing by 0.3 percent in June and 0.4 percent in May.

Behind that were signs Beijing is struggling to prevent a stall in the world’s second largest economy, and that its actions, like the devaluation of the Yuan last week, was having a negative impact throughout emerging markets and would drag in developed economies as well.

October U.S. crude was down 87 cents or 2.1% at $40.44 per barrel having at one time touched a low of 6 ½ years at $39.86 per barrel during the day. At the same time the global benchmark Brent fell 2.5% down to $45.46 per barrel.

“It made no sense to me that crude oil hung around $60 per barrel a few weeks earlier this year“.

“If you look at the interest rate probability according to the Fed fund futures, on August 13 it was showing 50 percent for September and now it’s down to 32 per cent”.

US crude oil fell towards $40 a barrel on Thursday after overnight data surprised analysts with a jump in US oil inventories.

Companies that primarily drill for oil onshore in the U.S., such as Continental Resources, have suffered even steeper declines. “This is about growth“.

A “correction” is a Wall Street term for when an index like the Dow industrials or the Nasdaq – or an individual stock – falls 10 percent from its most-recent high. Crude oil briefly dipped below $40 a barrel for the first time since March of 2009.

WTI crude has plummeted more than 31 per cent over the past eight weeks, second only to a 10-week losing streak between December 1985 and March 1986, which resulted in the US benchmark dropping 54.33 per cent to $12.28 a barrel.

Both reports also said inflation has been weighed down by easing gasoline prices, which have plummeted by more than a fifth from previous year, as crude oil costs continues to slide due to oversupply. The index for all food at home also finished higher, climbing 0.2%.

Core Inflation m/m +0.0% +0.0%!Headline: +1.3%!

In July, the annual rate of inflation as measured by the Retail Price Index stood at 1.07 per cent, the National Statistics Office said today.