Financial News: Costlier Food Pushes India's Inflation To 14-Month High

Costlier Food Pushes India's Inflation To 14-Month High

11/12/2024 - 06:24:00 (RTTNews)

(RTTNews) - India's consumer price inflation accelerated in October to the highest level more than a year amid rising food costs, data from the National Statistical Office revealed Tuesday.

Consumer prices surged 6.21 percent on a yearly basis in October, faster than the 5.49 percent rise seen in September. The expected rate was 5.81 percent.

Further, this was the highest inflation rate since August 2023, when prices had risen 6.83 percent.

With this, consumer price inflation place above lower band of the 2-6 percent target.

Data showed that food price inflation accelerated to 10.87 percent from 9.24 percent a month ago. The housing inflation rate also rose to 2.81 percent from 2.72 percent. Data showed that inflation based on electricity rose slightly to 5.45 percent from 5.39 percent.

Month-on-month, overall consumer prices moved up 1.34, and food prices grew 2.58 percent.

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