Inflation:
According to the data released by the National Statistical Office (NSO), retail inflation accelerated to a five-month high of 7.41% in September, 2022 from 7% in August, 2022 as food inflation surged sharply to 8.41% last month the steepest level in 22 months.
- September’s retail inflation was the highest since April, when price rise quickened to an almost eight-year high of 7.79%.
- This is the ninth month in a row that inflation has exceeded the 6% upper tolerance threshold mandated for the RBI and would require it to send an explanation to the government on its inability to achieve the price stability target.
- Rural inflation picked up further steam, from 7.15% in August, to touch 7.56% in September, while urban consumers also experienced a resurgence in price rise at 7.27%, from 6.72% a month earlier.
- Inflation in cereals quickened to 11.5%, with rural India facing almost 12% price gains, up sharply from 9.6% in August and almost doubling from July’s 6.9% pace.
- Vegetables’ inflation almost virtually doubled over two months, from 10.9% in July to 18.1% in September, with urban consumers facing a sharper 20.1% rise.
