Food and fuel prices push India's retail inflation in October


Consumer food price inflation, a metric to gauge changes in monthly kitchen costs, saw a jump, with prices rising 1.90 percent in October from 1.25 percent in September.

As per the ministry's data, retail inflation on a YoY basis edged higher due to a rise in the prices of food items like vegetables, milk-based products, cereals, meat and fish.

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According to the data furnished by the Ministry of Statistics & Programme Implementation, October's consumer price index (CPI) inflation rose to 3.58 per cent from 3.28 per cent reported for September.

The Reserve Bank of India is expected to cut the repo rate by 25 basis points during its December meeting.

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"Additionally, the HRA revision at the state level may have a similar impact as that at the central government level, on the housing inflation", she added. A man pushes a handcart carrying vegetables at a wholesale market in Mumbai, October 16, 2017. June was the first month the inflation fell outside the band since inflation targeting was first adopted by India. Prices pressures are building just as the Reserve Bank of India projected last month inflation to rise in October-March to 4.2-4.6 percent, above its medium-target of 4 percent, while leaving rates unchanged. Analysts polled by Reuters had expected October's retail inflation at 3.46 percent, up from 3.28 percent in September.

Calls for the RBI to lower rates had become louder after economic growth decelerated to 5.7% in the quarter ended June, the slowest pace in three years.

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