Inflation in food articles during July stood at 4.08 per cent, as against 2.04 per cent in June. However, fuel and power basket inflation fell 9.84 per cent in July, compared to 13.60 per cent in the previous month. Manufactured products, however, witnessed inflation of 0.51 per cent in July, as against 0.08 per cent in June. The RBI in its policy review last week, kept interest rates unchanged and said it sees an upside risk to inflation. The apex bank expects retail inflation to moderate in October-March period. July retail inflation was at 6.93 per cent, as against 6.23 per cent in June.