Mumbai: Retail inflation in India, based on the Consumer Price Index (CPI), surged to a 14-month high of 6.21 per cent in October. India’s retail inflation had stood at a nine-month high of 5.49 per cent in the previous month of September 2024. It was at 4.87 per cent in October 2023.
This inflation rate is beyond the RBI’s upper tolerance limit of 6 per cent. The Reserve Bank of India, 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.
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According to the latest data, India’s food inflation also jumped to 10.87 per cent, compared with 9.24 per cent in September 2024 and 6.61 per cent in October 2023.
‘Year-on-year inflation rate based on All India Consumer Price Index(CPI)for the month of October, 2024 is 6.21%. Corresponding inflation rates for rural and urban are 6.68% and 5.62%, respectively,’ the finance ministry said in a statement.
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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