High prices of imported crude, gold, and chemicals contributed to high inflation: SBI report
imported inflation reached a 13-month high in September 2024, growing by 2 per cent, according to a report by the State Bank of India (SBI).
The report highlighted that imported inflation is increasingly contributing to the country's overall inflation, as rising prices of gold, oils and fats, and chemical products drive the increase.
Imported inflation is the increase in the price of goods and services in a country due to higher costs of imported products.
The report noted a concerning trend and said, «The share of imported inflation in the overall inflation has also risen. The imported inflation has registered a growth of 2 per cent in September, which is the highest reading in the last 13 months. Gold prices, oils and fats, and chemical products are major contributors to imported inflation.»
As per the latest trade data figures this surge in imports is particularly in gold. The country imported USD 10.06 billion worth of gold in September 2024, a significant jump from USD 4.94 billion in the same month last year.
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