India's headline inflation accelerates in October on rise in food prices, RBI to cut rate in December
13 November, 2017, 19:31
India'sretail inflation accelerated to a seven-month high in October driven by quicker rises in the prices of food and fuel, government data showed Monday.
The Reserve Bank of India continued to fear that rising consumer prices will threaten the central bank's inflation target of 4% which led the monetary policy committee (MPC) vote for status quo in the October 2017 policy.
Mumbai: Consumer inflation for the month of October surged to 3.58 per cent driven by housing, fuel, pan, tobacco and intoxicants prices. Prices of milk and egg increased modestly and fruit and fish prices came down marginally. Economists had forecast 3.45 percent inflation. The panel left rates unchanged in its October review.
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"Today's reading has reaffirmed our position that the inflation trajectory in the second half of this year could be lower than the RBI's projected path of 4.2 percent to 4.6 percent". The previous high was 3.89% in March this year.
Indicating the adverse macroeconomic impact of the rise in crude oil prices, global financial services company Nomura Holdings Inc. said every $10 rise per barrel would worsen India's retail inflation by 0.6-0.7% points and the current account balance by 0.4% of gross domestic product. Similarly, prices of pulses fell -23 percent, as compared with (-) 22.51 percent in September. Housing inflation also rose to 6.68 in October against 6.10 per cent in September.
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