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October Retail inflation breaches RBI’s target

The retail inflation for the month of October has surged to 4.62 per cent, official data showed on Wednesday. The surge in inflation is mainly due to rising prices of food and especially onion.

The inflation in the food basket went up to 7.89 per cent in October 2019 as against 5.11 per cent the preceding month. The RBI, meanwhile, has been asked to keep the retail inflation at around 4 per cent.

However, the retail inflation in September had gone up to 3.99 per cent due to higher prices of food items. It was not a matter of concern last month as it was close to the RBI’s target level of 4 per cent. The consumer price index (CPI) based inflation was registered at 3.28 per cent in August. In September last year, it was 3.7 per cent.

Data from the Ministry of Statistics and Programme Implementation (MoSPI) showed that food prices, which is the parameter to measure changes in kitchen budgets, grew 5.11 per cent in September as against 2.99 per cent in the preceding month.

However, the inflation rate in cereals and other products stood at 1.66 per cent in September against 1.3 per cent in August while vegetable inflation stood at 15.4 per cent in September against 6.9 per cent in August.

 

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