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Inflation has jumped in October. According to government data, wholesale price inflation rose to 2.36 percent in October, the highest level in 4 months. Data released on Thursday showed that the prices of food items, especially vegetables and manufactured goods, have become expensive last month. According to PTI news, Wholesale Price Index (WPI) based inflation was 1.84 percent in September 2024. It was (-) 0.26 percent in October last year.
Vegetable prices on fire
According to the data, food inflation rose to 13.54 percent in October, as against 11.53 percent in September. Vegetable inflation was 63.04 percent, as against 48.73 percent in September. Potato and onion inflation remained high at 78.73 percent and 39.25 percent respectively in October.
This change was seen in fuel and electricity.
According to the news, the fuel and power category witnessed a deflation of 5.79 percent in October, as against a deflation of 4.05 percent in September. In manufactured goods, inflation stood at 1.50 percent in October, as against 1 percent in the previous month. Wholesale inflation saw a rise for the second consecutive month in the month of October. WPI higher than October’s level was last recorded in June 2024, when it was 3.43 percent.
Retail inflation at 14-month high
The Ministry of Commerce and Industry said in a statement on Thursday that inflation in October 2024 will be mainly due to an increase in prices of food items, manufacture of food products, other manufacturing, manufacture of machinery and equipment, motor vehicles, trailers and semi-trailers, etc. Consumer Price Index data released earlier in the week showed that retail inflation rose to a 14-month high of 6.21 percent with a sharp rise in food prices. This level is higher than the upper tolerable limit of the Reserve Bank of India (RBI), which may make it difficult to cut benchmark interest rates at the policy review meeting in December.
