New Delhi: On the strength of a minor increase in food costs, as well as high gasoline and commodity prices, India's October retail inflation increased sequentially. The Consumer Price Index (CPI) increased to 4.48 percent last month from 4.35 percent in September 2021, according to statistics provided by the National Statistical Office. However, the increase in retail inflation last month was slower than the 7.61 percent increase reported in October 2020.
The macroeconomic data is significant because retail inflation remained well within the Reserve Bank of India's target range of 2-6 percent for the Consumer Price Index (CPI). Last month, the CPI Urban increased to 5.04 percent from 4.57 percent in September, while the CPI Rural decreased to 4.07 percent from 4.13 percent. According to NSO data, the Consumer Food Price Index climbed at a pace of 0.85 percent last month, up from 0.68 percent in September. The CFPI data are used to track changes in food retail prices.
Pulses and goods prices increased by 5.42 percent year over year in October 2021, according to the CPI. Furthermore, meat and fish prices increased by 7.12 percent, while eggs decreased by 1.38 percent. Despite this, the overall price of food and beverages increased by 1.82 percent, while the price of oils and fats increased by 33.50 percent.
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