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India’s CPI Inflation October 2024: Food inflation also jumped to 10.87 per cent.
Official CPI inflation data for October 2024 has been released.
India’s retail inflation, based on the Consumer Price Index (CPI), in October 2024 surged to a 14-month high of 6.21 per cent, according to the latest official data released on Tuesday. However, industrial production grew by 3.1 per cent in September 2024.
India’s retail inflation had stood at a nine-month high of 5.49 per cent in the previous month of September 2024. It was at 4.87 per cent in October 2023.
The latest inflation print of October 2024 is beyond the RBI’s upper tolerance limit of 6 per cent. The Reserve Bank of India, which kept the key short-term lending rate unchanged earlier this month, has been tasked by the government to ensure inflation remains at 4 per cent with a margin of 2 per cent on either side.
According to the latest data, India’s food inflation also jumped to 10.87 per cent, compared with 9.24 per cent in September 2024 and 6.61 per cent in October 2023.
“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,” the finance ministry said in a statement.
IIP Data: Industrial Production Grows 3.1% in September 2024
India’s industrial production grew by 3.1 per cent in September, according to official data released on Tuesday. In the previous month of August, the factory output, based on the Index of Industrial Production (IIP), was in the negative territory at (-) 0.1 per cent.
However, the IIP growth had stood at 6.4 per cent in September 2023.
“The IIP growth rate for the month of September 2024 is 3.1 per cent which was (-) 0.1 per cent in the month of August 2024,” an official statement said.
The data released by the National Statistics Office (NSO) showed that the growth in mining, manufacturing and electricity for September 2024 stood at 0.2 per cent, 3.9 per cent and 0.5 per cent, respectively.
In April-September this fiscal, the IIP grew 4 per cent against 6.2 per cent in the year-ago period.
