Retail Inflation Data For October 2023: Retail inflation has declined for the third consecutive month after July 2023. Due to the fall in the prices of food items, the Consumer Price Index has come down to 4.87 percent in October 2023, which was 5.02 percent in the month of September. Earlier, retail inflation had reached 6.83 percent in the month of August and 15-month high of 7.44 percent in July. Last year, in October 2022, the retail inflation rate was 6.77 percent.
Fall in food inflation
The Ministry of Statistics has released the retail inflation rate data. According to this data, there has also been a slight decline in the food inflation rate. Food inflation rate was 6.61 percent in the month of October which was 6.62 percent in September. Whereas during October 2022, the food inflation rate was 7.01 percent. In rural areas, the retail inflation rate is 5.12 percent and the food inflation rate is 6.71 percent. Whereas the inflation rate in urban areas has come down to 4.62 percent in October 2023, while the food inflation rate has been 6.35 percent. That means whether it is retail inflation or food inflation, both are higher in rural areas.
Jump in inflation rate of pulses
An increase in the inflation of pulses has been seen in the month of October. The inflation rate of pulses has been 18.79 percent whereas in September the inflation rate of pulses was 16.38 percent. The inflation rate of grains and related products has been 10.65 percent, which was 10.95 percent in September. There has been a rise in the prices of eggs and the inflation rate of eggs in October was 9.30 percent. The inflation rate of spices has been 2.76 percent which was 23.06 percent in September. The inflation rate of fruits has been 9.34 percent. The inflation rate of vegetables has come down to 2.70 percent which was 3.39 percent last month.
Hope for relief from expensive EMI!
Retail inflation rate has come down to below 5 percent in October, which is a matter of relief for RBI. But the target of RBI is to keep it stable at 4 percent, only after which RBI will consider any kind of reduction in the repo rate in the monetary policy. It is a matter of relief for RBI that even after the Israel-Hamas war, crude oil has slipped below $ 80 per barrel, so now the retail inflation rate has come down to below 5 percent. RBI’s monetary policy meeting will be held in the month of December. Recently, RBI Governor Shaktikanta Das has said that the Central Bank is completely alert about inflation. He said that RBI is trying to control inflation along with accelerating the economic development of the country through monetary policy.
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