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Retail inflation hits 14-month high, rises to 6.21 per cent in October

India’s retail inflation surged to 6.21% in October, a 14-month high driven by rising food and fuel prices, while industrial output expanded by 3.1% in September.

Edited By: Nitin Kumar @Niitz1 New Delhi Published : Nov 12, 2024 16:19 IST, Updated : Nov 12, 2024 17:11 IST
Retail inflation
Image Source : PTI/FILE PHOTO New Delhi: Vendors arrange vegetables at the Ghazipur Fruits and Vegetables Market on a cold winter day, in New Delhi.

India’s retail inflation surged to a 14-month high of 6.21% in October, exceeding the Reserve Bank of India’s (RBI) target range. This rise in inflation, attributed to higher food and fuel prices, may prompt tighter monetary policies in the coming months.

India’s Index of Industrial Production (IIP) showed a positive shift, expanding by 3.1% in September compared to a 0.1% contraction in August. According to data from the Ministry of Statistics and Programme Implementation (MoSPI), key sectors such as mining, manufacturing, and electricity recorded growth rates of 0.2%, 3.9%, and 0.5%, respectively, indicating a recovery in industrial output.

 

India’s industrial production rose 3.1% year-on-year in September, recovering after a contraction in August. The increase was primarily due to growth in manufacturing, which increased by 3.9%.

Sectoral performance

• Manufacturing rose 3.9% year-on-year in September, while electricity generation increased 0.5% and mining activity increased slightly by 0.2% .

• In contrast, these sectors grew significantly in September 2023: 5.1%, 9.9% and 11.5% respectively.

Continuous improvement overall

In the April-September period, industrial production grew by 4%, slower than the adjusted growth rate of 6.2% for the same period in 2023.

 

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