Canindia News

Food prices spike Oct retail inflation to 4.62% (2nd Lead)

New Delhi, Nov 13 (IANS) A substantial rise in food prices lifted India’s October retail inflation to 4.62 per cent from 3.99 per cent in September, official data showed on Wednesday.

Similarly, on a year-on-year (YoY) basis, the Consumer Price Index (CPI) in October was higher than the corresponding period of last year when retail inflation stood at 3.38 per cent.

According to the data furnished by the National Statistical Office (NSO), the Consumer Food Price Index (CFPI) inflated to 7.89 per cent during the month under review from an expansion of 5.11 per cent in September 2019 and (-)0.86 per cent reported for the corresponding period of last year.

Significantly, the data indicated that retail inflation level has breached the medium-term target for Consumer Price Index (CPI) inflation of 4 per cent. The target is set within a band of +/- 2 per cent.

Prices of vegetables, pulses, eggs, meat and fish pushed the retail food inflation higher on a year-on-year (YoY) basis.

As per the data, the prices of vegetables rose by 26.10 per cent, pulses and its products increased by 11.72 per cent and meat and fish by 9.75 per cent.

The sub-category of food and beverages recorded a 6.93 per cent rise last month over October 2018.

Amongst the non-food categories, the fuel and light segment’s inflation decreased by 2.02 per cent in the month under review.

–IANS

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