India's retail inflation accelerated to a five month high of 7.30% in September due to surging food prices, staying well above the Reserve Bank of India's (RBI) upper tolerance band for a ninth month, a Reuters poll found.
Fueled by erratic rainfall and supply shocks from Russia's invasion of Ukraine, prices of daily consumables like cereals and vegetables which form the largest category in the inflation basket have climbed over the past two years.
- rose to an annual 7.30% in September from 7.00% the previous month. If realised, that would be the highest since May 2022. "There is a strong pressure from food that is playing out. What is even more worrying is the cereals and pulses inflation which has remained low for quite some time, will rise at an unprecedented pace," said Dharmakirti Joshi, chief economist at Crisil.
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