WPI inflation at 6-month high in October

With spike in food vegetable prices retail inflation hits seven-month high

With spike in food vegetable prices retail inflation hits seven-month high

Consumer price index (CPI)-based inflation rose to this financial year's highest rate of 3.58 per cent in October, from 3.28 per cent in September, with food and fuel prices increasing at a higher pace.

Inflation has soared this year as a Brexit-hit pound ramped up import costs, which led the Bank of England to raise its key interest rate for the first time in a decade at a meeting earlier this month.

Still, the fact that inflation did not rise further will likely provide rate-setters with some relief.

The CPI inflation for October rose to 3.58 per cent from 3.28 per cent reported for September, data released on Monday revealed.

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"There is, however, a low likelihood of a rate cut by the RBI in the immediate term", said Aditi Nayar, an economist at ICRA, an Indian arm of the rating agency Moody's, adding that inflationary expectations could remain high in the second half of the fiscal year that ends in March.

Sub-category of food and beverages during the month under consideration recorded a rise of 2.26 per cent over the same period previous year.

Higher inflation was also noted in protein rich items like oils and fats, eggs, and milk (and its products).

Consumer price inflation for the rural areas stood at 3.36 per cent in October against 3.15 per cent in September and 3.15 per cent in October 2016. "However, cut in excise duty announced by the government tempered the price increase in fuel".

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Decision to lower GST (goods and services tax) rates on over 200 items could help pull down retail inflation by 20 basis points from the current levels driven by lower food and beverage prices, says a report.

"However, this is due to adverse weather conditions and the situation should ease out in the coming months", Patel said.

Kate Smith, head of pensions at Aegon, warned people are facing a "triple whammy" of squeezes in their purse: high inflation, little sign of wage growth and rising interest rates.

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