Retail inflation jumps to 7-month high of 3.6% in October
15 November, 2017, 01:08 | Author: Terri Saunders
Even without the recent rate hike, which can dampen down inflation by choking off some demand in the economy, inflation is expected to moderate over coming months as the pound-related price increases drop out of the annual comparison. That was its first increase in a decade and was due to the fact that inflation has spiked sharply higher since Britain voted in June past year to leave the European Union, a decision that prompted a sharp fall in the value of the pound.
As per the ministry's data, retail inflation on a YoY basis edged higher due to a rise in the prices of food items like vegetables, milk-based products, cereals, meat and fish. The rate was 4.2% in October 2016.
The government data released today showed that inflation in food articles more than doubled to 4.30 percent in October.
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The price rise in services appear to have been impacted by the implementation of GST as most services are taxed at 18 per cent compared to 14.5 per cent under the previous service tax regime.
Soumya Kanti Ghosh, Group Chief Economic Adviser of the State Bank of India, said in the SBI Ecoflash report: "Compared to September 17, the increase in food, fuel and housing prices contributed to the increase in overall inflation. Similarly, the policymakers should check and address prices of products, including paddy, that are hovering at higher levels and are also of national importance", said Rawat. Crucial services such as education, healthcare, personal care, etc have seen an inflation of 3.48 per cent. "However, cut in excise duty announced by the government tempered the price increase in fuel". Economists said they expect the RBI to hold rates. "However, the RBI rate decision may still predicate on the Fed trajectory".
Kate Smith, head of pensions at Aegon, warned people are facing a "triple whammy" of squeezes in their purse: high inflation, little sign of wage growth and rising interest rates.
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