Retail inflation crossed RBI's tolerance band of 6% in October!
Due to sharp increase in the prices of food items, the retail inflation rate has crossed 6 percent and reached 6.21 percent in the month of October. The retail inflation rate was 5.49 percent in september 2024. In the month of october, the retail inflation rate has also crossed the RBI (Reserve bank of India) tolerance band of 6 percent. In the month of october, there has been a sharp jump in the food inflation rate and it has crossed the double digit and reached 10.87 percent.
Food inflation rate in double digit
The Ministry of Statistics and Program Implementation has released the retail inflation data, according to which the retail inflation rate has reached 6.21 percent in october 2024. A year ago in october 2023, the retail inflation rate was 4.23 percent. The retail inflation rate in rural areas has been 6.68 percent and in urban areas it has been 5.62 percent. The ministry said that this sharp jump in retail inflation has been seen due to a sharp rise in the prices of vegetables, fruits, oil and fats. In october 2024, the food inflation rate has gone into double digits and it has been 10.87 percent, which was 9.24 percent in September. Food inflation rate in rural areas has been 10.69 percent and in urban areas it has been 11.09 percent.
Expensive vegetables increased inflation
According to the data released on retail inflation rate, there has been a huge increase in the inflation rate of vegetables in October. The inflation rate of vegetables has been 42.18 percent, which was 35.99 percent in September. The inflation rate of milk and related products has been 2.97 percent. The inflation of pulses has come down and has come down to 7.43 percent, which was 9.81 percent in September. The inflation rate of cereals and related products has been 6.94 percent which was 6.84 percent in September. The inflation rate of sugar has come down to 2.57 percent, the inflation rate of eggs has come down to 4.87 percent. The inflation rate of meat and fish has increased to 3.17 percent.