India's October retail inflation rises to 3.5%

It has gone to seven months high level mainly due to higher prices of food and fuel.

The consumer price index rose 3.58 percent after a 3.28 percent increase in September.

The retail inflation rate was 4.20% a year ago.

India's inflation accelerated more-than-expected in October after holding steady in the previous month, preliminary data from the Central Statistics Office showed Monday.

It was 4.2% in October a year ago.

RBI holds a policy review on December 6.

Prime Minister Narendra Modi, who faces crucial state elections in his home state of Gujarat next month, is under pressure to revive economic growth, which slipped to 5.7 percent in the April-June quarter, the slowest pace in three years.

The MPC in August cut its key policy rate by 25 basis points to 6%, the lowest since November 2010. It was much higher at 3.32 per cent in October 2016.

Housing inflation grew marginally at 6.68 percent in October from 6.1 percent in September.

Indicating the adverse macroeconomic impact of the rise in crude oil prices, global financial services company Nomura Holdings Inc. said every $10 per barrel rise in the price will worsen India's retail inflation by 0.6-0.7% points and the current account balance by 0.4% of gross domestic product (GDP). Inflation in pulses continued to decline and settled at (-) 23.13 per cent. Recently, the Goods and Services Tax (GST) Council, even after pruning the 28 per cent slab, chose to keep the above items in the top slab.



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