On the higher prices front, there is some relief in October. Inflation from vegetables to pulses and edible oil has come down. Despite this, the rate of inflation based on retail prices (CPI) remained above the RBI's comfort zone of 6 percent for the 10th consecutive month. During this, there has been an increase in the inflation rate of cereals, meat-fish, milk, and spices.
According to the National Statistical Office, the rate of retail inflation remained at 7 percent or above for five months from April-October. It has been less than 7% only in July and October. "Efforts have been made to keep the prices of these commodities under control by ensuring the domestic supply of wheat and rice, with the prices of crude oil, iron ore, and steel falling in the global market," the finance ministry said. Its effect will be felt later.
Rural inflation reduced to 6.98 percent
CPI in cities came down to 6.50 percent during this period
Wholesale inflation: from vegetables to milk and fruits became cheaper, the inflation rate of food items remained at 8.33%
Inflation based on wholesale prices declined due to a fall in prices of manufactured products as well as food articles such as cereals, vegetables, milk, and fruits. According to the Ministry of Commerce and Industry, the inflation rate in food articles came down to 8.33 percent in October from 11.03 percent in September. Inflation in manufactured articles eased from 6.34 percent in September to 4.42 percent in October.
Expenditure on the import of edible oils increased by 34% to Rs 1.57 lakh crore
The country's edible oil import bill rose by 34.18 percent to Rs 1.57 lakh crore in October. At the same time, in terms of quantity, it increased by 6.85 percent to reach 140.3 lakh tonnes. Industry organization Solvent Extractors Association (SEA) said that in 2020-21 (November to October), India imported 131.3 lakh tonnes of edible oil worth Rs 1.17 lakh crore. Imports increased gradually in the first two quarters but declined in the third quarter. However, it increased again in the fourth quarter as Indonesia lifted the ban on palm oil due to falling oil prices in the international market.
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