Soon, common folks who have been struggling with inflation for the past few months will get some comfort. This is due to the fact that the government’s Monday release of wholesale inflation data showed a decrease in inflation of 8.39 percent for the fifth consecutive month. Wholesale inflation was 10.70% earlier in September. In August, it was 12.41% at the same hour.
The wholesale inflation rate is at its lowest level in 19 months. Wholesale inflation was 7.89% earlier in March 2021. As a result, the country’s core sector’s inflation rate has decreased to 4.6%. In September, it was close to 7%.
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Inflation reduced on these items
Monthly food inflation decreased from 11.03 percent in September to 8.33 percent in October. Vegetable inflation has decreased from 39.66% in September to 17.61% today. From 49.79% in September to 44.97% in October, there has been a decrease in potato inflation. From -20.96% the previous month, onion inflation has decreased to -30.02% this month.
Inflation is still above RBI’s target
Despite the decrease, the inflation rate continues to be above the Reserve Bank of India’s cap. A 2 to 6 percent inflation rate is the target set by the RBI. The rate of retail inflation has stayed over the desirable ceiling of 6% since January of this year.
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