India’s retail inflation accelerated to 6.21 per cent in October, up from 5.49 per cent in September of the current fiscal year. According to data released by the Ministry of Statistics and Programme Implementation (MoSPI), inflation in rural areas stood at 6.68 per cent compared to 5.62 per cent in urban regions.
Meanwhile, the food inflation rate for October 2024, based on the All India Consumer Food Price Index (CFPI), is provisionally reported at 10.87 per cent. The corresponding inflation rate for rural and urban areas stood at 10.69 per cent and 11.09 per cent.
According to MoSPI, high food inflation in October was mainly due to an increase in the inflation of vegetables, fruits oils and fats. The data added that a decline in inflation was observed in the Pulses and products, Eggs, Sugar and confectionery and spices subgroup. India’s retail inflation remained above the central bank’s target in October. The Reserve Bank of India (RBI) aims to keep inflation within a range of 2 to 6 per cent, with a medium-term target of 4 per cent.
