Higher food prices raise India’s Sept retail price inflation

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New Delhi, Oct 12 (IANS) India’s sequential retail price inflation spiked in September to 7.34 per cent from 6.69 per cent in August, official data showed on Monday.
Though non-comparable, India had recorded a retail price inflation of over 3 per cent in the corresponding period of previous year.
As per the data furnished by the National Statistical Office (NSO), CPI Urban rose to 7.26 per cent in September from 6.80 per cent in August. The CPI Rural increased to 7.43 per cent last month from 6.66 per cent in August.
Besides, the data showed that India’s consumer food price index during the month under review rose to 10.68 per cent against 9.05 per cent reported for August 2020. The CFPI readings measure changes in retail prices of food products.
The data assumes significance as the Reserve Bank of India, in its last monetary policy review, maintained the key lending rates on account of elevated retail inflation.
The Reserve Bank’s target for retail inflation is set within a band of +/-2 per cent.
On a YoY inflation rate, prices of vegetables and ‘pulses and products’ jumped by 20.73 per cent and 14.67 per cent, respectively, in September.
Furthermore, meat and fish prices rose 17.60 per cent and eggs became dearer by 15.47 per cent.
The prices of sugar and confectionery increased by 2.47 per cent.
In addition, the fuel and light category under the CPI rose by 2.87 per cent.

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