Page 19 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 13: All India Index of Industrial Production

Source- Ministry of Statistics and Programme Implementation

Inflation in India

• Headline consumer price index (CPI) inflation moderated to 4.4 per cent in April-August 2024 from
5.2 per cent in H2:2023-24.

• Food price inflation, on the other hand, remained elevated, averaging 6.9 per cent over the last
five months (April-August 2024) and contributing 72.5 per cent of headline inflation during the
period.

• With domestic economic activity strengthening, and pick-up in southwest monsoon rainfall, the
Monetary Policy Committee decided to keep the policy repo rate unchanged at 6.5 per cent while
retaining the stance of withdrawal of accommodation.

• Further, year-on-year inflation rate based on All India Consumer Price Index (CPI) for the month
of September, 2024 is 5.49%. Corresponding inflation rates for rural and urban are 5.87% and
5.05%, respectively.

• Year-on-year inflation rate based on All India Consumer Food Price Index (CFPI) number is 9.24%
(Provisional) for the month of September, 2024. Corresponding inflation rate for rural and urban
is 9.08% and 9.56%, respectively.

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