Oct retail inflation at 3.58%, highest in FY18 so far

CPI Inflation for October 2017 today here's what analysts expect

CPI Inflation for October 2017 today here's what analysts expect

India's annual consumer inflation INCPIY=ECI in October increased to 3.58 percent from a year earlier, government data showed on Monday.

According to data from the Ministry of Commerce and Industry released on Tuesday, the WPI with revised base year of 2011-12 went up in October to 3.59 per cent from 2.60 per cent in September. That was its first increase in a decade and was due to the fact that inflation has spiked sharply higher since Britain voted in June past year to leave the European Union, a decision that prompted a sharp fall in the value of the pound.

INFLATION remained at a five-year high of three per cent last month, putting continued strain on the budgets of United Kingdom households.

The rate of price rise in the vegetable segment nearly doubled to 7.47 per cent against 3.92 per cent in September.

Other notable categories such as cereals became dearer by 3.68 per cent and meat and fish recorded a rise of 3.12 per cent.

Separately on Tuesday, data from research group Kantar showed that United Kingdom grocery price inflation for the quarter ending November 5 stood at 3.4 percent, the highest level in four years.

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Soumya Kanti Ghosh, Group Chief Economic Adviser of the State Bank of India, said in the SBI Ecoflash report: "Compared to September 17, the increase in food, fuel and housing prices contributed to the increase in overall inflation".

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

"Firming up of crude prices has led to increase in fuel inflation to 6.36 per cent in October 17 from 5.56 per cent in September 17". Retail inflation, a key input for RBI in setting the key interest rate, has been rising consistently since June amid a slowdown in factory output measured on Index of Industrial Production (IIP).

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

People bore the brunt of higher vegetable prices.

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