Published: Tue, November 14, 2017
Economy | By Shawn Conner

Inflation hits seven-month high of 3.58pc in October


The growth in the Consumer Food Price Index - an indicator for food prices - also recovered in October, to 1.90%, after it had slowed to 1.25% in September. The Reserve Bank at its policy review in October kept the key interest rate unchanged at 6 per cent, citing upward trend in inflation. Similarly, rural inflation rose to 3.3 per cent from September's 3.15 per cent and August's 3.22 per cent, and urban inflation has gone up to 3.81 per cent as compared to 3.44 per cent in September and 3.35 per cent in August.

Food and beverage prices edged up slightly from 1.76 per cent in September to 2.26 per cent in October.

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Data further showed that retail inflation in eggs, vegetables, pulses and spices were -0.69%, 7.47%, -23.13% and -2.15%, respectively.

Some analysts expect the GST Council's decision on Friday to slash tax rates on 178 items to 18 per cent from 28 per cent could marginally lower retail inflation in coming months. Economists said they expect the RBI to hold rates.

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People bore the brunt of higher vegetable prices. Moreover, the pass-through of the goods and services tax (GST) to final prices of various goods and services may not be complete.

Ministry of Statistics and Programme Implementation has revised the Base Year of the Consumer Price Index (CPI) from 2010=100 to 2012=100 with effect from the release of indices for the month of January 2015. June was the first month the inflation fell outside the band since inflation targeting was first adopted by India.

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