Retail inflation eases in October for farm, rural workers
The Ministry of Labour & Employment in its latest release has showed that retail inflation for farm workers and rural labourers witnessed a notable decline in the month of October 2024, easing to 5.96% and 6%, respectively as compared to 7.08% and 6.92% in October 2023. This also represents a decrease from September's figures of 6.36% and 6.39%, respectively.
The recent release also noted that the All-India Consumer Price Index for Agricultural Labourers (CPI-AL) and Rural Labourers (CPI-RL) (Base: 1986-87=100) registered an increase of 11 points and 10 points in the months of October 2024, reaching levels of 1315 and 1326, respectively. The CPI-AL and CPI-RL were at 1,304 points and 1,316 points, respectively, in September 2024.
Meanwhile, breaching the Reserve Bank of India’s (RBI) upper tolerance level, India’s retail inflation based on Consumer Price Index (CPI) rose to a 14-month high of 6.21% in October 2024, as food inflation galloped on the back of rising vegetable prices. The RBI, which mainly factors in the CPI while arriving at its bi-monthly monetary policy, has been tasked by the government to ensure retail inflation remains at 4 percent with a margin of 2 percent on either side.
