The Ministry of Statistics & Programme Implementation (MoSPI) revealed data on Tuesday that indicated a strong increase in food prices in October 2024 caused India’s retail inflation, which is based on the Consumer Price Index (CPI), to spike to a 14-month high of 6.21%. Inflation measured by the CPI was 5.49 percent in September, compared to 3.65 percent in August. December 2023 saw the previous peak, which was 5.69 percent.
According to the All India Consumer Price Index (CPI), the annual inflation rate for October 2024 is 6.21%. According to the government announcement, the corresponding rates of inflation for rural and urban areas are 6.68 percent and 5.62 percent, respectively.
Food inflation, measured by the Consumer Food Price Index (CFPI), was 10.87 percent (provisional) in October. The comparable inflation rates for rural and urban areas were 10.69 and 11.09 percent, respectively.
Government statistics indicates that the October home inflation rate was 2.81 percent year over year, compared to 2.78 percent in September. Inflation for the month of October is 5.45%, while the All India Electricity index is 162.5. Inflation and the corresponding index for September 2024 were 5.39 percent and 162.4 percent, respectively.
Inflation in the subgroups of eggs, sugar & confectionary, spices, and pulses & products significantly decreased in October. It further stated that rising prices for fruits, vegetables, and oils and fats are the primary causes of October’s high food inflation.
