Food, fuel prices push retail inflation to 7 month high




Retail Inflation surged in October to a seven month high driven by a higher rate of increase in prices of food and fuel products. Government data showed on Monday that the annual consumer inflation in October was recorded at 3.58 percent from a year earlier dampening chances of an interest rate cut by the central bank next month. The rise was led in part by an unfavorable base effect a surge in inflation for vegetables and a rise in price levels for egg and milk.
                                                                   The data comes at a time when analysts expect the GST council decision on Friday to slash tax rate on 178 items to 18 percent from 28 per cent could marginally lower retail inflation in coming months. Housing Inflation rose to a 40 month high 6.7 per cent in October 2017, reflecting the staggered impact of the revision in the HRA for central government employee on the housing index. Housing inflation is expected to continue to rise over the rest of this fiscal year printing between 7.0 to 8.0 percent exerting upward pressure on inflation.

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