With easing prices in the food basket, India’s retail inflation measured in Consumer Price Index (CPI) dropped to 6.77 per cent in October 2022 from 7.41 per cent in the preceding month. The retail inflation, which the RBI factors in while deciding its periodic monetary policy, was 4.48 per cent in October 2021. Though, the inflation remained above Reserve Bank's comfort level for the 10th month in a row. The CPI has remained above the 6 per cent target since January this year. Besides, the inflation in the food basket was 7.01 per cent in October as against 8.6 per cent in September.
The National Statistical Office (NSO) under Ministry of Statistics and Programme Implementation in its data has showed that Rural CPI (General) in October 2022 stood at 6.98 percent as against 7.56 in September. The Urban CPI (General) stood at 6.50 percent in October as against 7.27 per cent in September. The index value for Rural, Urban and Combined CPI (General) stood at 177.9, 175.3 and 176.7 respectively, in October 2022.
As per the data, egg prices dipped 0.18 per cent on-year in October, while oils and fats declined 2.15 per cent. There was no change in sugar and confectionery segment. On the other hand, vegetables rose 7.77 per cent on year last month, cereals and products climbed 12.08 per cent and spices saw a rise of 18.02 per cent. Milk and products rose 7.69 per cent and meat and fish prices inched 3.08 per cent while that of fruits rose 5.20 per cent. Apart from food and beverages, the fuel and light segment rose 9.93 per cent, clothing and footwear gained 10.16 per cent and the housing segment inched up 4.58 per cent.
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