Inflation at 7-month high on higher food, fuel prices

Inflation at 7-month high on higher food, fuel prices

Meanwhile following the latest inflation data, "there was a very slight initial drop in the value of sterling as markets anticipate that inflation may not peak beyond 3.0 percent and future interest rate rises may not therefore need to be imminent", Richard Stone, chief executive at stockbrokers The Share Centre, said in a note to clients.

Retail inflation in the country picked up in October to a seven-month high, driven by faster rise in prices of food, fuel and housing, dampening chances of an interest rate cut by RBI next month.

Separately, annual industrial output INIP=ECI grew a lower-than-expected 3.8 percent in September, compared with the forecast of 4.2 percent by economists in a Reuters poll, data released on Friday showed.

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The consumer prices index held steady at three per cent in October, figures by the Office for National Statistics (ONS) showed, after rising by its most in more than five years in September.

Prices of protein-rich items like eggs and milk (and its products) also increased. However, fruits were comparably cheaper in October on sequential basis.

Both wholesale and retail prices edged up in the month of October led by firming up of food prices, especially in the vegetables segment, said FICCI President Pankaj Patel.

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Fall in pulses price keeps rise modest; housing, fuel up.

People bore the brunt of higher vegetable prices. Secondly, the GST Council has drastically cut the GST rates... that is likely to have a subduing effect on retail inflation in the coming months.

New Delhi, facing risks of a widening fiscal deficit this year mainly due to lower growth in revenue receipts, wants the RBI to ease policy rates to support private investments and revive economic growth.

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The government is releasing consumer price inflation data since January 2012 based on combined data for rural and urban consumers.

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