India’s retail inflation, based on the Consumer Price Index (CPI), surged to a 14-month high of 6.21 per cent in the month of October 2024, driven by a sharp rise in food prices, data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed on Tuesday. In September, CPI inflation came in at 5.49 per cent, higher than 3.65 per cent in August. The previous high was recorded in December 2023 at 5.69 per cent.
“Year-on-year inflation rate based on All India Consumer Price Index (CPI) for the month of October, 2024 is 6.21 per cent. Corresponding inflation rates for rural and urban are 6.68 per cent and 5.62 per cent, respectively,” the government release said.
The Consumer Food Price Index (CFPI), the index of food inflation, came in at 10.87 per cent (Provisional) for the month of October and the corresponding inflation rate for rural and urban stood at 10.69 per cent and 11.09 per cent, respectively.
According to the government data, the year-on-year housing inflation rate for the month of October stood at 2.81 per cent as against 2.78 per cent in September. The All India Electricity index and inflation for the month of October are 162.5 and 5.45 per cent respectively. Corresponding index and inflation for the month of September, 2024 was 162.4 and 5.39 per cent respectively.
During the month of October, significant decline in inflation is observed in pulses & products, eggs, sugar & confectionery and spices sub group. High food inflation in October, it added, is mainly due to increase in inflation of vegetables, fruits and oils and fats.