Some relief from inflation! Retail inflation reaches 3-month low, effect of reduction in prices of food items
Retail inflation at 3-month low, 6.77 percent in October
Inflation is still above the limit set by the Reserve Bank of India.
Wholesale inflation at 19-month low, 8.39 percent in October
New Delhi. People are expected to get relief from inflation. Actually, the retail inflation rate has started decreasing in the country. Domestic Consumer Price Index (CPI) data for October 2022 has been released by the Ministry of Statistics and Program Implementation (MoSPI) on Monday. According to the latest data, the retail inflation rate has come down to 6.77 percent in October due to lower prices of food products.
The retail inflation rate has come down to a three-month low in October, which was 7.41 percent in September. However, this is the 10th consecutive time when retail inflation based on CPI is above the Reserve Bank of India’s (RBI) upper margin of 6 per cent.
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Inflation still above RBI’s target
Despite the decline, the inflation rate still remains above the limit set by the Reserve Bank of India. The target of RBI is to maintain the inflation rate between 2 to 6 percent. Since January this year, the rate of retail inflation has remained above the satisfactory limit of 6 per cent.
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Wholesale inflation came at a low of 19 months
The Ministry of Commerce and Industry released the Wholesale Inflation data on Monday. Wholesale inflation fell to a 19-month low of 8.39 per cent in October. For the first time in October after a year and a half, wholesale inflation has been in single digit. Earlier in March 2021, it was at 7.89 per cent. Since April 2021, wholesale inflation has been 10 percent or more for 18 consecutive months. It was at 10.79 percent in September, while it was 13.83 percent in October 2021, a year ago.
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FIRST PUBLISHED : November 14, 2022, 18:12 IST