Consumer price index data showed an acceleration from September's 5.5% figure, marking five straight months above the Reserve Bank of India's 4% target. Food price hikes served as the primary catalyst, with eleven of twelve monitored food categories recording increases during the period. Meanwhile, rural price measures substantially outpaced city figures as living expenses widened regionally across southern states.
Key points
Economists expect the Reserve Bank of India may increase interest rates at its upcoming M…: Economists expect the Reserve Bank of India may increase interest rates at its upcoming Monetary Policy Committee meeting in December.
Deficient monsoon rains and depleted reservoir levels threaten the rabi harvest, potentia…: Deficient monsoon rains and depleted reservoir levels threaten the rabi harvest, potentially sustaining price pressure on items like milk, sugar, and onions.
Rising oil costs stemming from the West Asia conflict are accelerating operating expenses…: Rising oil costs stemming from the West Asia conflict are accelerating operating expenses across the transportation and restaurant sectors.
Sources checked by our analysis pipeline: 1
NEW DELHI: Retail inflation based on the consumer price index (CPI) rose to 6.09% in Oct from 5.5% in Sept, breaching
RBI's tolerance limit of 6% for the first time in two years. Inflation has remained above RBI's target of 4% for the fifth month in a row.
Economists now expect RBI to raise interest once again after the Monetary Policy Committee's meeting in Dec. RBI has projected full-year inflation at 5.2%, with CPI expected to rise 6% in the current quarter before easing to 5.7% in Jan-March.
The surge is largely driven by food inflation, which rose to 8.9% in Oct. Prices of items such as onions (up 116%), garlic (60%) and ginger (48%) spiked sharply. Inflation also became more broad-based as 11 of the 12-item food categories recorded an uptick.
Some vegetables continued to offer relief, with prices of potatoes (-14%), cauliflower (-10.5%), brinjal (-3.3%) & cabbage (-2%) declining in Oct.
Six states witness retail inflation crossing 7%In as many as six states, retail inflation crossed the 7% mark, with southern states —
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