AFTER STAYING ABOVE the 6% mark for two consecutive months, India's Consumer Price (CPI)- based inflation fell to a three-month low of 5.02% in September, according to data released by the National Statistical Office on Thursday. The sharper-than-expected decline in retail inflation occurred mainly on account of a sequential crash in prices of vegetables-particularly tomatoes-and cooking gas (LPG), but the base effect also helped.
The retail inflation stood at 6.83% in August 2023, while it was 7.41% in September last year.
Core inflation, which excludes volatile components of food and fuel, declined to a 42-month low of 4.5% in September, indicating broad-based easing of underlying price pressures.
With the September print, CPI inflation averaged 6.4% in July-September quarter, in line with the Reserve Bank of India's projection, which might prompt the central bank to remain on pause in the rate hiking cycle through FY24.
A spike in global crude oil prices that began in mid-September did not impact the inflation print adversely because retail auto fuel prices remained unchanged. The Israel-Hamas war has, however, raised fresh concerns about global commodity prices.
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