Retail Inflation in September 2024: India’s CPI inflation in September 2024 jumped to a nine-month high of 5.49 per cent on high food prices, as compared with 3.65 per cent in the previous month, according to official data released on Thursday, September 12. The previous high than this was recorded in December 2023 at 5.69 per cent.
India’s retail inflation had stood at 5.02 per cent in September 2023.
The retail inflation print of 5.49 per cent is higher than the RBI’s tolerance band of 2-6 per cent.
“Year-on-year inflation rate based on All India Consumer Price Index (CPI) for the month of September, 2024 is 5.49%. Corresponding inflationrates for rural and urban are 5.87% and 5.05%, respectively. It is likely that the increase in inflation rate for the month of September, 2024 is due to high base effect and weather conditions,” the Ministry of Statistics & Programme Implementation said in a statement.
Inflation in the food basket rose to 9.24 per cent in September from 5.66 per cent in August and 6.62 per cent in the year-ago month.
“Year-on-year inflation rate based on All India Consumer Food Price Index (CFPI) number is 9.24% (Provisional) for the month of September, 2024. Corresponding inflation rate for rural and urban is 9.08% and 9.56%, respectively,” it added.
The Reserve Bank, which kept the key short-term lending rate unchanged earlier this month, has been tasked by the government to ensure inflation remains at 4 per cent with a margin of 2 per cent on either side.
