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Retail Inflation reached the highest level of 14 months
Retail Inflation: Retail inflation reached 6.21 percent in October. This is the highest level of inflation in 14 months. In September 2024, retail inflation rose to 5.49 percent due to bad weather and expensive vegetables. In October also, there was a jump in the price of food items, due to which the inflation rate has shown a jump more than the expert's estimate.
Retail inflation reached 6.21 percent in October which has brought everyone in shock. Inflation is at its highest point in 14 months. Initially, this record was set in August 2023, when inflation was 6.83 percent.
Due to poor weather and high-priced vegetables, retail inflation increased to 5.49 percent in September 2024. The cost of food increased in October as well, which caused the inflation rate to rise higher than expected by experts.
Food items contribute about 50 percent to the inflation basket. Its inflation has increased from 9.24 percent to 10.87 percent every month. At the same time, rural inflation has increased from 5.87 percent to 6.68 percent and urban inflation has increased from 5.05 percent to 5.62 percent.
The government has given the responsibility to the Reserve Bank of India (RBI) to keep the retail inflation at 4 percent. There can be a variation of 2 percent in it. This means that if inflation remains within the range of 2 to 6 percent, then it is a satisfactory figure for the central bank.
