Moneycontrol
Nov 13, 2017 06:42 PM IST | Source: Moneycontrol.com

Retail inflation in October accelerates at 3.58% on rising food prices

India’s retail inflation grew at 3.58 percent in October, mainly due an increase in prices of consumer food items. CNBC-TV18 poll had estimated a range of 3.2-3.8 percent.

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India’s retail inflation grew at 3.58 percent in October, mainly due an increase in prices of consumer food items.

CNBC-TV18 poll had estimated a range of 3.2-3.8 percent.

Retail inflation, measured by Consumer Price Index (CPI) remained unchanged at 3.28 percent in September from the revised figure of August.

CPI is the main price gauge that the Reserve Bank of India (RBI) tracks.

Consumer food price inflation, a metric to gauge changes in monthly kitchen costs, saw a jump, with prices rising 1.90 percent in October from 1.25 percent in September.

Vegetables prices witnessed a negative growth of 3.77 percent in October as compared with 4 percent in September. Similarly, prices of pulses fell -23 percent, as compared with (-)22.51 percent in September.

Housing inflation grew marginally at 6.68 percent in October from 6.1 percent in September.

Last month, the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) forecasted that retail inflation will hover around 4.2-4.6 percent between October-March this year, higher than the previous projection of 4-4.5 percent.

The MPC also maintained a “neutral,” stance, keeping the door ajar for a future rate cut if incoming data were conducive.
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