Double digit inflation recorded in India for 7th consecutive month

ISLAMABAD, Nov 15 (APP): The wholesale price-based inflation spiked to 12.54 per cent in October 2021, remaining double digit for the seventh consecutive month beginning in April, Indian media reported Monday.

The inflation surged mainly due to rise in prices of manufactured products and crude petroleum. Inflation in September this year was at 10.66 per cent, while in October 2020 it was at 1.31 per cent.

“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 to the corresponding month of the previous year,” the media quoted the country’s Commerce and Industry Ministry as having reported.

Inflation in manufactured items was higher at 12.04 per cent in October, as against 11.41 per cent in the previous month. In the fuel and power basket, the rate of price rise was 37.18 per cent in October, against 24.81 per cent in September. Crude petroleum inflation was 80.57 per cent during the month under review, as against 71.86 per cent in September.

Inflation in food articles too witnessed some uptick on a month-on-month basis at (-) 1.69 per cent in October, against (-) 4.69 per cent in September. Vegetable prices were lower at (-) 18.49 per cent, while in onions it was (-) 25.01 per cent.

Data released last week showed, retail inflation based on Consumer Price Index (Combined) rose to 4.48 per cent in October, from 4.35 per cent a month ago, as food prices inched up along with high input costs, fuel and commodity prices.