An exponential rise in food prices accelerated India's annual rate of inflation based on wholesale prices to 3.59 per cent in October.
As per the Consumer Price Index (CPI) data released on Monday, retail inflation rose to a 7-month high to 3.58% in October on costlier food items while Inflation, based on wholesale rates, shot up to a six-month high of 3.59% as prices of food items and fuel rose sharply.
The WPI-based food price inflation increased from 1.99 per cent in September 2017 to 3.23 per cent in October 2017.
"Build up inflation rate in the financial year so far was 2.03 per cent compared to a build up rate of 3.53 per cent in the corresponding period of the previous year".
"Both wholesale and retail prices edged up in the month of October", Pankaj Patel, president, FICCI, said in a written statement.
However, inflation in manufactured products saw a slight dip to 2.62 percent, as against 2.72 percent in September.
The data released by the ministry of commerce and industry on Tuesday showed that inflation in food articles more than doubled to touch 4.30 percent in October.
"The increase was led by firming up of food prices with the vegetables segment remaining a key stress point at this juncture".
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In the fuel and power segment, inflation rose to 10.52 percent, as against 9.01 percent in September.
For the "manufactured tobacco products" group WPI rate declined by 1.3 per cent due to lower prices of cigarette and other tobacco products.
For the "electricity" group it rose 4 per cent due to higher price of electricity.
The sub-category of manufactured food products registered a rise of 1.26 per cent. "Wholesale price inflation at 3.59 per cent. Inflation riding from last month's levels largely on account of food especially vegetables and protein products", Mr Garg tweeted.
This was mostly driven by food and fuel prices.
Inflation rate for the "manufacture of pharmaceuticals, medicinal chemical and botanical products" group rose 0.5 per cent due to higher prices of anti cancer drugs, ayurvedic medicaments, antibiotics and preparations thereof, antipyretic, analgesic, anti-inflammatory formulations and medical accessories and API and formulations of vitamins.
The final print of August WPI inflation remained unchanged at 3.24 per cent.
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