Retail inflation in the country worsened to 7.61 per cent in October, its highest level in nine months as food prices continue to rise increasing chances of a further delay in a rate cut by the Reserve Bank of India.
September’s annual retail inflation was higher forecast of 7.30 per cent in a poll of economists by news agency Reuters, and the previous month’s 7.27 per cent, government data showed on Monday.
Retail inflation has remained above 4 per cent, the middle point of the Reserve Bank of India’s (RBI) target of 2-6 per cent, for more than a year.
Disruption from by the coronavirus pandemic and excessive rainfall in Maharashtra, Karnataka and Andhra Pradesh have damaged and delayed the harvesting of onions alongside other vegetables.
Food price inflation rose 11.07 per cent in October compared with 10.68 per cent in the previous month.
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