India's CPI Inflation Hits 14-Month High of 6.21% in October; Food Prices Surge

Mumbai: India's consumer price inflation (CPI) has jumped to a 14-month high of 6.21% in October 2024, the latest official data revealed on Tuesday. The surge is driven mainly by food price inflation, which increased to a record 10.87% compared to the previous year.

The National Statistics Office (NSO) said that retail inflation had stood at a nine-month high of 5.49 per cent in September 2024, while it was at 4.87 per cent in October 2023. With this new data, the latest inflation print exceeds the Reserve Bank of India's (RBI) tolerance limit of 6 per cent.

In line with its mandate to keep inflation rates within a narrow band of 4% and 6%, the RBI has been maintaining a watchful eye on the prices. The finance ministry stated that year-on-year inflation rate for October 2024 based on the All India Consumer Price Index (CPI) is 6.21%.

The CPI data also shows rural and urban inflation rates at 6.68 per cent and 5.62 percent, respectively.

Industrial Production Sees Modest Growth

While retail prices are on the rise, India's industrial production has shown a modest growth in recent times with an increase of 3.1% in September 2024. This data is lower than the year-ago period when it stood at 6.2%.