Inflation skyrocketed in October. According to government data, wholesale price inflation rose to 2.36 percent in October, the highest level in four months. Data released on Thursday showed that food prices, especially vegetables and manufactured goods, have become more expensive in the past month. According to PTI news, inflation based on wholesale price index (WPI) was 1.84 per cent in September 2024. In October last year it was (-) 0.26 per cent.
Vegetable prices on fire
According to the data, food inflation rose to 13.54 percent in October, compared to 11.53 percent in September. Vegetable inflation stood at 63.04 percent, while in September it was 48.73 percent. Potato and onion inflation remained high in October, 78.73 percent and 39.25 percent, respectively.
This change was seen in fuel and electricity.
According to news, the fuel and energy category saw deflation of 5.79 percent in October, compared to 4.05 percent in September. In manufactured goods, inflation stood at 1.50 percent in October, down from 1 percent the previous month. Wholesale inflation saw an increase for the second consecutive month in October. The WPI above the October level was last recorded in June 2024, when it was 3.43 percent.
Retail inflation hits 14-month high
The Ministry of Commerce and Industry said in a statement on Thursday that inflation in October 2024 will mainly be due to the increase in prices of food items, manufacturing of food products, other manufacturing, construction of machinery and equipment, vehicles motor, trailers and semi-trailers. -trailers, etc. It will be due to. Consumer price index data released earlier in the week showed retail inflation hit a 14-month high of 6.21 percent due to a sharp rise in food prices. This level is higher than the Reserve Bank of India’s (RBI) tolerable upper limit, which may make it difficult to reduce benchmark interest rates at the December policy review meeting.
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