India's retail inflation in July fell to 3.15% from 3.18% in June, staying below RBI's 4% medium-term target for the 12th consecutive month. RBI has projected retail inflation to be at 3.1% during July-September and 3.4%-3.7% during October-March 2019-20. Retail inflation has been dropping since November 2013's 12.17% due to fall in food and oil prices and low consumer demand.