Food on boil, retail inflation hits nine-month high of 5.5%
retail inflation surged to a nine-month high of 5.5% in September, driven by higher food inflation and an unfavourable base effect, official data released Monday showed.
The sharp reversal in consumer inflation from a five-year low of 3.6% in July and 3.65% in August has dented hopes of interest rate cuts.
Food inflation shot up to 9.24% in September from 5.66% in August. Wholesale inflation also ticked up to 1.84% in September from a four-month low of 1.31% in August. “We still believe there is a low probability of monetary easing in the rest of FY25,” said DK Pant, chief economist, India Ratings & Research. “Even if there is a rate cut, it will be symbolic and shallow.”
The Reserve Bank of India (RBI) kept the key rate unchanged at 6.5% for the 10th review in a row by the Monetary Policy Committee on October 9, but shifted its stance to “neutral”, indicating potential future rate adjustments.
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