CPI Inflation: Good news for common man, retail inflation in India at last 3 months low

14th November i.e. this evening, news has come which will give relief to the common man of the country. The retail inflation rate has come down to 6.77% in the month of October, which was 7.41% in the month of September. Due to this, the retail inflation rate has reached the lowest level in the last 3 months. Earlier, the Ministry of Statistics and Program Implementation (MoSPI) also released the wholesale inflation data.

According to MoSPI, there has been a big decline in wholesale inflation in the last 19 months. The wholesale inflation has come down to 8.39% in the month of October, from 10.7% in the month of September. In the month of September, the figure for wholesale inflation was in double digits, which has come down to single digits in the month of October.

Recently, Reserve Bank of India (RBI) Governor Shaktikanta Das has expressed hope that the October inflation figures may remain below 7%. Along with this, he had said that India's overall microeconomic fundamentals have remained strong in the midst of global volatility.

According to the data, egg prices declined by 0.18% in October, while oil and fat declined by 2.15%. There was no change in the sugar and confectionery segment. Along with this, vegetables saw an increase of 7.77%, cereal products by 12.08% and spices by 18.02% as compared to the previous month. The prices of milk products jumped by 7.69% and the prices of meat and fish rose by 3.08%. Apart from this, fruit prices have seen an increase of 5.20%, and fuel prices by 9.93%.

India's retail inflation is measured by the Consumer Price Index (CPI), which tracks changes in retail prices of goods and services. CPI figures are taken from villages and cities as well as prices of goods from all over India. The change in the price index during a given period of time is called CPI-based inflation or retail inflation.