According to the National Statistical Office, India’s headline retail inflation fell to 4.87% in October, the Reserve Bank of India’s desired range of below 6%…
The NSO reported that India’s headline retail inflation fell to 4.87% in October from 5.02% in September. The RBI prefers headline inflation below 6%, and this drop brings it within reach. In contrast, September 2022 inflation was 7.56%.
The NSO’s data collection process encompasses a comprehensive survey, gathering price information from 1,114 urban markets and 1,181 villages across all states and union territories, carried out by the Field Operations Division of the NSO, Ministry of Statistics and Programme Implementation (MoSPI) through weekly visits.
In October 2023, the NSO gathered prices from 99.8% of villages and 98.6% of urban marketplaces. Market-wise price reporting rates were 89.0% rural and 92.0% urban.
The fall in retail inflation is excellent news for the Indian economy and illustrates the effectiveness of numerous fiscal and monetary policies implemented to stabilize prices and preserve economic growth.
Conclusion
October’s Indian retail inflation was 4.87%, down from 5.02% in September. This is within the RBI’s desired range of below 6%. All states and union territories provided data from 1,114 urban markets and 1,181 villages. The NSO received prices from 99.8% of villages and 98.6% of urban marketplaces in October 2023. Market-wise price reporting rates were 89.0% rural and 92.0% urban. The Indian economy benefits from this retail inflation drop, showing that fiscal and monetary measures stabilize prices and boost growth.
