Retail inflation rose sharply in September. According to official data released on Monday by the Office for National Statistics, retail inflation rose to 5.49 percent in September, from 3.65 percent in the previous month. Rising food prices are the main reason behind the strong increase in retail inflation. However, the inflation rate is still within the range that RBI can tolerate, namely 2-6%. Based on PTI reports, inflation based on the consumer price index will be 5.02 percent in September 2023.
Food basket inflation rose to 9.24% in September
Based on the news, data from the Central Statistics Agency shows that inflation in the foodstuffs group increased to 9.24 percent in September, up from 5.66 percent in August. The number was 6.62 percent in the year-ago month. Previously, wholesale price inflation increased to 1.84 percent in September. These numbers also appeared on Monday. Let us tell you, the Reserve Bank, which kept short-term lending rates unchanged earlier this month, has been tasked by the government to ensure that inflation remains at 4 percent with a margin of 2 percent.
update in progress…
Latest Business News
