New Delhi: India’s CPI inflation in September 2024 jumped to a nine-month high of 5.49 per cent in September. It was at 3.65 per cent in August. India’s retail inflation had stood at 5.02 per cent in September 2023.The retail inflation print of 5.49 per cent is higher than the RBI’s tolerance band of 2-6 per cent. Data released by the Ministry of Statistics & Programme Implementation showed this.
‘Year-on-year inflation rate based on All India Consumer Price Index (CPI) for the month of September, 2024 is 5.49%. Corresponding inflation rates for rural and urban are 5.87% and 5.05%, respectively. It is likely that the increase in inflation rate for the month of September, 2024 is due to high base effect and weather conditions,’ the Ministry of Statistics & Programme Implementation said in a statement.
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Inflation in the food basket rose to 9.24 per cent in September from 5.66 per cent in August and 6.62 per cent in the year-ago month. Year-on-year inflation rate based on All India Consumer Food Price Index (CFPI) number is 9.24% (Provisional) for the month of September, 2024. Corresponding inflation rate for rural and urban is 9.08% and 9.56%, respectively.
The Reserve Bank, which kept the key short-term lending rate unchanged earlier this month, has been tasked by the government to ensure inflation remains at 4 per cent with a margin of 2 per cent on either side.
Wholesale Price Index (WPI) is a measure of the average change in the price of goods at a wholesale level or in the wholesale market. Consumer Price Index (CPI) is a price index that calculates price changes of goods and services that a consumer has to pay in the retail market. The monetary police of Reserve Bank of India are made after reviewing the CPI.
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