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Financial News: India Consumer Price Inflation Slows In October

India Consumer Price Inflation Slows In October

11/14/2022 - 07:53:00 (RTTNews)

(RTTNews) - India consumer price inflation softened in October from a five-month high, the National Statistical Office reported Monday.

Consumer price inflation slowed to 6.77 percent in October from 7.41 percent in September. Prices were forecast to rise 6.73 percent. In the same month of 2021, consumer prices had increased 4.48 percent.

Likewise, food price inflation came in at 7.01 percent, down from 8.60 percent in the previous month and 0.85 percent in October 2021.

The Reserve Bank of India aims to keep consumer price inflation between 4 percent and 6 percent.

Over the weekend, RBI Governor Shaktikanta Das said consumer price inflation is likely to fall below 7 percent in October.

Although inflation has continued to stay above the tolerance band, there is no need to change the current inflation target, the governor said at the Hindustan Times Leadership Summit 2022.

The Reserve Bank has raised its key repo rate by a cumulative 190 basis points since May to combat high inflation and to counter spillover effects from the policy normalization in advanced economies.

Within major sub-groups of the consumer price index, clothing and footwear prices rose the most, by 10.16 percent, followed by 9.93 percent gain in fuel and light cost.

Cost of housing rose 4.58 percent and that of food and beverages prices climbed 7.04 percent.

Month-on-month, consumer prices grew 0.80 percent and the consumer food price index climbed 1.08 percent in October.

Data released earlier on Monday showed that wholesale price inflation eased further to 8.39 percent in October, which was the since March 2021.

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