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India Inflation Rate
Last Release
Oct 31, 2024
Actual
6.21
Units In
%
Previous
5.49
Frequency
Monthly
Next Release
Dec 12, 2024
Time to Release
28 Days 10 Hours
Highest | Lowest | Average | Date Range | Source |
12.17 Nov 2013 | 1.54 Jun 2017 | 5.93 % | 2012-2024 | Ministry of Statistics and Programme Implementation (MOSPI) |
In 2013, the consumer price index replaced the wholesale price index (WPI) as a main measure of inflation. In India, the most important category in the consumer price index is Food and beverages (45.86 percent of total weight), of which Cereals and products (9.67 percent), Milk and products (6.61 percent), Vegetables (6.04 percent), Prepared meals, snacks, sweets, etc. (5.55 percent), Meat and fish (3.61 percent), and Oils and fats (3.56 percent). Miscellaneous accounts for 28.32 percent, of which Transport and communication (8.59 percent), health (5.89 percent), and education (4.46 percent). Housing accounts for 10.07 percent; Fuel and light for 6.84 percent; Clothing and footwear for 6.53 percent; and Pan, tobacco and intoxicants for 2.38 percent. Consumer price changes in India can be very volatile due to dependence on energy imports, the uncertain impact of monsoon rains on its large farm sector, difficulties transporting food items to market because of its poor roads and infrastructure and high fiscal deficit.
Latest Updates
The annual inflation rate in India soared to 6.21% in October of 2024 from 5.49% in the previous month, well above market expectations of 5.81% to mark the highest inflation rate in over one year. The result also marked the departure of India’s price growth from the RBI’s target of 2 percentage points away from the 4% level, further prolonging the expectations of eventual rate cuts. Inflation surged for food (10.87% vs 9.24% in September), which accounts for nearly half of the price basket, amid higher prices for and rose further for vegetables (42.18% vs 35.99%), oils and fats (9.51% vs 2.47%), and meat and fish (3.17% vs 2.66%). In turn, inflation also rose for housing (2.81% vs 2.78%), while deflation slowed for fuel and light (-1.39% vs -1.61%). From the previous month, the Indian CPI soared by 1.34%.
India Inflation Rate History
Last 12 readings