India Inflation October 2020

India

India: Inflation hits highest level since May 2014 in October

November 12, 2020

Consumer prices rose 1.27% from the previous month in October, accelerating from the 1.10% rise seen in September. The increase was largely driven by rising prices for food and beverages. In addition, price pressures for fuel and light rose notably in October.

Inflation increased to 7.6% in October, which was up from September’s 7.3%. October's result represented the highest inflation rate since roughly six-and-a-half years. Annual average inflation rose to 6.7% in October (September: 6.5%).

FocusEconomics Consensus Forecast panelists project consumer price inflation to average 5.1% in FY 2020, which ends in March 2021. The estimate is up 0.1 percentage points from last month’s forecast. In FY 2021, the panel projects consumer price inflation to average 4.3%. Meanwhile, our panel sees wholesale inflation averaging 1.0% in FY 2020, which is unchanged from last month’s report, and 3.3% in FY 2021.


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India Inflation October 20 20

Note: Annual and monthly variation of wholesale price index (WPI) and annual variation of consumer price index (CPI) in %.
Source: Ministry of Commerce and Industry and FocusEconomics calculations.


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