Page 15 - Policy Economic Report - November 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Inflation in India

• Year-on-year inflation rate based on All India Consumer Price Index (CPI) for the month of
October, 2024 is 6.21%. Corresponding inflation rates for rural and urban are 6.68% and 5.62%,
respectively.

• Year-on-year inflation rate based on All India Consumer Food Price Index (CFPI) number is 10.87%
(Provisional) for the month of October, 2024. As compared to with 9.24 % in September 2024 and
6.61 % in October 2023. Corresponding inflation rate for rural and urban are 10.69% and 11.09%,
respectively.

• The latest inflation print of October 2024 is beyond the RBI’s upper tolerance limit of 6 per cent.

• Year-on-year Housing inflation rate for the month of October, 2024 is 2.81%. Corresponding
inflation rate for the month of September, 2024 was 2.72%. The housing index is compiled for
urban sector only.

• The All-India Electricity index and inflation for the month of October, 2024 are 162.5 and 5.45%
respectively. Corresponding index and inflation for the month of September, 2024 was 162.4 and
5.39% respectively.

• During the month of October, 2024 significant decline in inflation is observed in Pulses & products,
Eggs, Sugar & confectionery and spices subgroup. High food inflation in October, 2024 is mainly
due to increase in inflation of vegetables, fruits and oils and fats.

Figure 5: Inflation in India

Source- NSO Page | 14

November 2024