India's CPI Inflation Hits 14-Month High of 6.2% in October; IIP Grows 3.1% in September

In Desk

Nov 13, 2024 • 1 min read

Mumbai: India's retail inflation soared to a 14-month high of 6.21 per cent in October 2024, according to the latest official data released on Tuesday.

The Consumer Price Index (CPI), which measures retail prices, saw food inflation jump to a record 10.87 per cent in October 2024, surpassing the Reserve Bank of India's upper tolerance limit of 6 percent for the first time this year.

However, industrial production growth remained steady at 3.1 per cent in September, according to data released by the National Statistics Office (NSO).

The finance ministry said that India's food inflation rate jumped to 10.87 per cent compared with 9.24 per cent in September and 6.61 per cent in October last year.

"The year-on-year inflation rate based on All India Consumer Price Index (CPI) for the month of October, 2024 is 6.21%. Corresponding inflation rates for rural and urban are 6.68% and 5.62%, respectively," a ministry statement said.

This sudden surge in CPI inflation marks a departure from the Reserve Bank of India's monetary policy stance, which aimed to keep inflation within its tolerance limit of 4 percent margin of 2 percent on either side.

The RBI earlier this month kept interest rates unchanged amid concerns about rising domestic prices.

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