New Delhi [India], July 14 (ANI): Congress General Secretary Jairam Ramesh on Tuesday slammed the Centre after the retail inflation rate jumped to 4.38 per cent in June from 3.93 per cent in May, breaching the Reserve Bank of India's (RBI's) 4 per cent benchmark target.

Senior Congress leader also called Prime Minister Narendra Modi a 'protector of capitalists' and said the government is ensuring profits end up landing in the pockets of these capitalists while the common masses are facing the burden of inflation.

'This is the true essence of the Modi government's 12 years: a shower of false promises and a cruel blow of inflation and unemployment on the public! In the 12 years of the Modi government, inflation has wrecked the budgets of ordinary families,' he wrote on X.

Referring to a media report, he questioned, 'Along with inflation, fears are now being expressed of banks will raise interest rates, which could further burden the middle class with higher EMIs for homes and cars. Why does the profit go into the pockets of capitalists while the burden falls on the backs of ordinary people? When will Prime Minister Modi, the protector of capitalists, speak up about the pain of the common people?'

Retail inflation rose to 4.38 per cent in June from 3.93 per cent in May, according to data released by the Ministry of Statistics & Programme Implementation on Monday. The June print was higher than the Reserve Bank of India's projection of 4.2 per cent for Q1 FY 2026-27.

The data showed that the rise was mainly driven by higher food prices and a sharp increase in the prices of personal care items and jewellery. Food inflation was the key driver. Year-on-year food inflation stood at 5.32 per cent for June. Rural food inflation was 5.45 per cent while urban food inflation was 5.09 per cent. (ANI)