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).
An Appeal...
Dear Reader,
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.
