Retail inflation breached the Reserve Bank’s upper tolerance level, soaring to a 14-month high of 6.21 per cent in October mainly on account of rising food prices.
Inflation rose mainly on account of rising food prices
Retail inflation breached the Reserve Bank’s upper tolerance level, soaring to a 14-month high of 6.21 per cent in October mainly on account of rising food prices.
ADVERTISEMENT
Inflation based on the consumer price index (CPI) was 5.49 per cent in September and 4.87 per cent in the year-ago month.
Retail inflation trended below the RBI’s upper tolerance band of 6 per cent since September last year. It was at 6.83 per cent in August 2023.
The RBI, which mainly factors in the CPI while arriving at its bi-monthly monetary policy, has been tasked by the government to ensure retail inflation remains at 4 per cent with a margin of 2 per cent on either side.
According to the data released by the National Statistics Office (NSO) on Tuesday, inflation in the food basket increased to 10.87 per cent in October, compared to 9.24 per cent in September and 6.61 per cent in October 2023.
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
