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NEW DELHI: The Consumer Price Index (CPI) or retail inflation stood at 3.58 per cent in October this year in comparison with 4.2 per cent in the same period last year, according to a data released by the government.
However, compared to the September’s figure of 3.28 per cent, it showed a recovery of 0.3 per cent to hit a seven-month high of 3.58 per cent this month, the Central Statistics Office (CSO) data showed.
“A sharp increase of 30 basis points in overall inflation to 3.58 per cent on the back of an increase of 50 basis points in food inflation, and an uptick of 80 bps in fuel inflation rules out a remote chance of policy rate cut in December. Hardening trends in global crude prices and growth robustness in the US would keep RBI’s hands tied,” Rupa Rege Nitsure, Group Chief Economist, L&T Financial.
The numbers are mainly driven by higher prices of food and fuel. Food inflation (CFPI) stood at 1.90 per cent, up from 1.25 per cent in September.
Retail inflation came in at 3.28 per cent (revised) in September, unchanged from August, despite softening of vegetable and cereal prices. CSO had revised downwards the August inflation to 3.28 per cent from 3.36 per cent.