October CPI touched a 7-month high of 3.58%

October CPI touched a 7-month high of 3.58%

Consumer Price Index (Combined) stood at 3.58% in October from 3.28% a month ago, the Central Statistics Office said.

Vegetables prices witnessed a negative growth of 3.77 percent in October as compared with 4 percent in September.

According to the data, the food inflation for October was recorded 1.90 per cent higher than September's 1.25 per cent and August's 1.52 per cent.

India's retail inflation grew at 3.58 percent in October, mainly due an increase in prices of consumer food items.

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There is little likelihood of rate cuts in the immediate future, with the CPI inflation expected to track a rising trend in the second half of the financial year and print at around 4.5% in March 2018, analysts said. Recently, the Goods and Services Tax (GST) Council, even after pruning the 28 per cent slab, made a decision to keep the above items in the top slab. The panel left rates unchanged in its October review.

The data would diminish the odds of further rate cuts by the Reserve Bank of India as inflation nears the central bank's 4% long-term target, making an overshoot likely later this year.

The YoY CPI in urban areas ruled higher at 3.81 per cent, while in rural India it rose by 3.36 per cent. However, there is a risk that a surge in crude oil prices and recent softness in the Indian rupee might affect the imported inflation component.

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