NEW YORK WEATHER

India’s retail inflation increased to 4.48% in October – driven by a rise in food prices – from 4.35% in September, government data showed on Friday. Retail inflation had declined for four consecutive months before October.

The data, which is an indicator of price rise, remained within the Reserve Bank of India’s targeted range of 2% to 6% for the fourth straight month.

Food inflation increased by 0.85% in October compared to 0.68% in September.

The Reserve Bank of India said that retail inflation was projected at 5.3% in the current financial year of 2021-’22, PTI reported. The retail inflation during the April-June period of 2022-’23 is projected at 5.2%.

Meanwhile, India’s index of industrial production increased by 3.9% in September as compared to 1% during the same month last year, government data showed. The industrial output had grown by 11.9% in August.

Output from the mining sector in September increased by 8.6% and the manufacturing sector grew by 2.7%. The power generation in September increased by 0.9%.

From the beginning of this financial year in April till August, industrial production increased by 28.6% on a cumulative basis. Last year, the industrial output had contracted by 25% during this period.

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