Photo used for representation purpose only.
| Photo Credit: Sushil Kumar Verma
India’s retail inflation surged further from the nine-month high of 5.5% in September to the highest level in well over a year of 6.2% in October, led by a 10.9% spike in food prices.
October’s price rise pace, the fastest in 14 months, also marked a breach of the Reserve Bank of India’s upper tolerance limit for inflation, with rural India facing a sharper uptick of 6.7%, while urban consumers encountered an inflation of 5.6%.
“High food inflation in October, 2024 is mainly due to increase in inflation of vegetables, fruits and oils and fats,” the National Statistical Office said, while noting a “significant decline in inflation” in Pulses, Eggs, Sugar, and Spices.
Compared to September, the Consumer Price Index (CPI) rose 1.3%, with a slightly higher uptick of 1.42% in rural India. However, the Consumer Food Price Index (CFPI) was up 2.6%, with rural and urban areas facing the same spike in costs.
On a year-on-year basis, rural food prices were 10.7% higher, while food inflation in urban India was even higher at 11.1% this October.
Published – November 12, 2024 04:30 pm IST
