September inflation hits 9-month high: Will it delay RBI's rate cut plans?
Business | October 15, 2024 13:48 ISTIndia’s retail inflation surged to 5.49% in September 2024, driven by food prices, casting doubt on the RBI’s December rate cut plans.
India’s retail inflation surged to 5.49% in September 2024, driven by food prices, casting doubt on the RBI’s December rate cut plans.
The positive inflation rate in December is attributed to higher prices of food articles, machinery and equipment, other manufacturing goods, other transport equipment, and computer, electronics, and optical products, among others.
Food inflation, which constitutes nearly half of the overall consumer price basket, increased to 9.53 per cent in December, up from 8.70 per cent in November.
The economic growth figure for the 20 countries that use the euro currency was revised down from zero to minus 0.1% for the fourth quarter of 2022.
Inflation rate in India: The rate-setting Monetary Policy Committee headed by the RBI Governor has been mandated by the government to keep inflation within 2-6 per cent range.
India's annual rate of inflation based on wholesale prices sequentially rose to 10.49 per cent in April from a rise of 7.39 per cent in March.
The year-on-year inflation rate, based on monthly WPI, stood at 4.43 per cent (provisional) for May, 2018. This is a hike of almost double from the previous year's inflation rate which was 2.26 per cent during the corresponding month.
Deflation in pulses was 20.58 per cent, in vegetables (2.70 per cent), wheat (1.19 per cent) and egg, meat and fish (0.82 per cent) in March.
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