“The high rate of inflation in October 2021 is primarily due to rise in prices of mineral oils, basic metals, food products, crude petroleum & natural gas, chemicals and chemical products etc as compared the corresponding month of the previous year,” the government said. WPI has now remained in double-digits for seven consecutive months.
Food inflation contracted 1.69% year-on-year in October compared to a 4.69% contraction seen in the month of September. Manufactured products inflation stood at 12.04% from 11.41% a month ago.
Overall, the fuel and power basket rose 37.18% in October from 24.81% in September and 26.09% in August. The rise in crude, petroleum and natural gas prices was 66.46% in October as against a price rise of 43.92% seen a month ago.
Inflation in potato and onion contracted 51.32% and 25.01% each as compared to a contraction of 48.95% and 1.91% seen in September. Prices of eggs, meat and fish rose 1.98% in October from 5.18% in September.
Retail inflation data released on Friday showed it ticked up to 4.48% in October from 4.35% in September but remained within the Reserve Bank of India (RBI) target range of 2-6%, which will allow it to maintain the growth-supporting monetary policy.
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