India's retail inflation in October breaches RBI tolerance band at 6.21%, first since Aug 2023
The spike in inflation rate in October marked the first time since August 2023 that the print breached the Reserve Bank of India's (RBI) tolerance ceiling of 6 per cent. In September, the inflation print had surpassed RBI's 4 per cent medium-term target for the first time since July at 5.49 per cent.
Food inflation, which makes up around half of the overall Consumer Price Index (CPI) basket, surged to 9.69 per cent in October, up from 9.24 percent in the previous month. Rural inflation also quickened to 6.68 per cent, compared to 5.87 per cent in September, while urban inflation rose to 5.62 per cent from 5.05 per cent the previous month.
A Reuters poll had predicted India's inflation in October would come close to the 6 percent mark, estimating it at 5.81 per cent. UBS, however, expected the Consumer Price Index (CPI) to climb to 6.15 per cent, breaching the RBI’s target range of 2-6 per cent.
The surge in prices of kitchen staples, particularly onions, has been alarming. Wholesale prices of onions have spiked from Rs 40-60 per kilogram to Rs 70-80 per kilogram, with some regions reporting prices as high as Rs 80 per kilogram as of November 8.
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