Business
India's Retail Inflation Rises To Five-Month High Of 7.41 Per Cent In September; IIP Contracts 0.8 Per Cent In August
Inflation (Representative image)
India's retail inflation spiked to a five-month high of 7.41 per cent in September on account of rising food prices, according to the data released by National Statistical Office (NSO) on Wednesday (12 October).
Inflation had reached a high of 7.79 per cent in April before decelerating in the next months to 6.71 per cent in July. In August, the retail inflation was recorded at 7 per cent.
The Consumer Price Index (CPI) inflation has remained above the RBI's comfort level of 6 per cent for the ninth month in a row. The Reserve Bank factors in retail inflation while deciding on its monetary policy.
The rise in the inflation is likely to put pressure on RBI, which has raised its key repo rate by 190 basis points in four moves this year, to intensify its interest rates hikes.
The food inflation, which accounts for around half the CPI basket, rose 8.60 per cent in September.
Meanwhile, India's factory output, as measured by the Index of Industrial Production (IIP), contracted 0.8 per cent in August as compared to growth of 2.4 per cent in July, according to the data released by the National Statistical Office (NSO).
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest
