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CareEdge Research Report
Consumer Price Index inflation eased to a four-month low of 4.9% in October helped by deflation in the fuel and light category and a supportive base while the food inflation remained largely unchanged.
After peaking in July 2023 (at 7.4%), inflation prints have softened within the Reserve Bank of India's target range in the last two months. This was primarily because there has been a significant correction in the vegetable prices, owing to seasonal factors.
Further, the government's measures such as reduction in domestic LPG prices have helped cool the headline inflation number despite stickiness in some components such as cereals, pulses, milk and spices.
Core inflation, which represents the non-volatile component of CPI inflation, continued to ease (4.4% in October) with a broad-based moderation across categories.
In the last 12 months, core inflation has softened by nearly 176 basis points with a significant easing in clothing and footwear and few other components in the services category.
Overall, the fall in inflationary pressure has been broad-based with the share of items in the CPI basket with inflation above 6% falling from 49% in March 2023 to 28% in October.
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