Economic Buzz: Indias Retail Inflation Softens In October To 6.77%

15 Nov 2022 , 08:32 AM

India consumer price inflation softened in October from a five-month high, data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed Monday. Consumer price inflation slowed to 6.77 percent in October from 7.41 percent in September. Despite easing to a three-month low, the CPI continued to remain above the Reserve Bank of Indias (RBI) upper margin of 6 per cent for the 10th consecutive month. The government has mandated the central bank to maintain retail inflation at 4 per cent with a margin of 2 per cent on either side for a five-year period ending March 2026. So far in this financial year, the MPC has raised the key interest rate by 190 bps in a bid to tame the raging inflation. However, despite their move, retail inflation continues to remain above the upper tolerance level. The Consumer Food Price Index (CFPI) or the inflation in the food basket too showed a month-on-month fall during October to 7.01 per cent, from 8.60 per cent in September, the data revealed.Powered by Commodity Insights