As per Reuters poll of economists, the CPI or consumer price index for the month of July is expected to see a rise after remaining low for straight three months. The index increased 1.87% in July in comparison to a year ago. The rise is expected on the back of rise in food prices, nonetheless it shall remain well below the RBI's targeted value.

For the month of July, the WPI increased by 1.3% which registered an increase of 0.9% for June month. Abundant monsoon this season shall dampen the food prices which contribute to 50% of the CPI.

The WPI shall be released at around 630GMT and CPI at 1200GMT today.

The disinflationary cues forced RBI to cut down on its Repo rate by 25 basis points to lowest since November 2010 to 6%. For the October-December quarter, the apex body expects a rise in retail inflation to 3.5% to 4.5%.

Further on the back of risks pertaining to budgetary targets and economic growth, government has called for further rate cuts.

Monetary easing is furthermore expected in the system as per the report of CEA Arvind Subramanian as inflation in the country is witnessing a structural shift.

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