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ICICI Direct Report
Consumer Price Index inflation for September 2020 rose sharply to a high of 7.34% YoY compared to 6.7% in August 2020, driven by a sharp rise in food inflation even while core inflation fell slightly.
Inflation has averaged at 6.6% and 6.9% in the first two quarters of the current fiscal, higher than the Reserve Bank of India's latest forecasts.
Food prices rose sharply to 9.7% in September compared to 8.3% in August led by a surge in vegetable prices (largely potatoes, tomatoes and onion) along with a rise in protein items like meat, fish and eggs.
Other items like oils and fats, fruits and non-alcoholic beverages also contributed to higher food inflation.
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