{"id":1680815,"date":"2022-10-09T23:51:37","date_gmt":"2022-10-10T03:51:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1680815"},"modified":"2022-10-09T23:52:11","modified_gmt":"2022-10-10T03:52:11","slug":"india-inflation-likely-hit-five-month-high-in-sept-on-food-prices-reuters-poll","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/india-inflation-likely-hit-five-month-high-in-sept-on-food-prices-reuters-poll\/","title":{"rendered":"India inflation likely hit five month high in Sept on food prices: Reuters Poll"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Findia-inflation-likely-hit-five-month-high-in-sept-on-food-prices-reuters-poll%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1680815&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>By Arsh Tushar Mogre<\/p>\n<p>BENGALURU (Reuters) \u2013     India\u2019s retail inflation accelerated to a five month high of 7.30% in September due to surging food prices, staying well above the Reserve Bank of India\u2019s (RBI) upper tolerance band for a ninth month, a Reuters poll found.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\">\n<\/div>\n<p>Fueled by erratic rainfall and supply shocks from Russia\u2019s invasion of Ukraine, prices of daily consumables like cereals and vegetables which form the largest category in the inflation basket have climbed over the past two years.<\/p>\n<p>Already reeling from COVID-19 pandemic-induced economic shocks, India\u2019s poor and middle classes will be further hit by the increases as they spend a large chunk of income on food.<\/p>\n<p>The Oct. 3-7 Reuters poll of 47 economists suggested inflation \u2013 as measured by the Consumer Price Index \u2013 rose to an annual 7.30% in September from 7.00% the previous month. If realised, that would be the highest since May 2022.<\/p>\n<p>Forecasts for the data, due at 1200 GMT on Oct. 12, ranged between 6.60% and 7.80%. Some 91% of economists, 43 of 47, expected inflation to be 7.00% or higher, suggesting the bias was for prices to go up further.<\/p>\n<p>\u201cThere is a strong pressure from food that is playing out. What is even more worrying is the cereals and pulses inflation which has remained low for quite some time, will rise at an unprecedented pace,\u201d said Dharmakirti Joshi, chief economist at Crisil.<\/p>\n<p>\u201cWill monetary policy action be able to contain it? Very honestly, it will not. It will arrest inflation expectations from moving on to the higher side, but fiscal policy has a greater role to play.\u201d<\/p>\n<p>The Indian government has introduced measures to calm local prices, including some export restrictions on rice to temper inflation. But consumer prices have remained defiant and stayed above the RBI\u2019s upper tolerance limit this year.<\/p>\n<p>A weakening currency is also not helping. The battered Indian rupee hit a new low of 82.32\/$ on Friday and was expected to remain under pressure over the next six months, a separate Reuters poll of FX analysts showed. <\/p>\n<p>That is likely to pressure the RBI, which has raised its key repo rate by 190 basis points in four moves this year, to intensify its interest rates hikes.<\/p>\n<p>\u201cAgainst a more hostile global backdrop and a stickier inflation trajectory at home, we now expect a terminal rate of 6.75% \u2013 previously 6.25% \u2013 in this cycle,\u201d said Sajjid Chinoy, chief India economist at J.P. Morgan.<\/p>\n<p>\u201cTo the extent the rupee weakens, there will be passthrough effects to the CPI trajectory.\u201d<\/p>\n<p> (Reporting by Arsh Tushar Mogre; Polling by Anant Chandak, Devayani Sathyan and Veronica Khongwir; Editing by Mark Potter)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/india-inflation-likely-hit\/attachment\/file-photo-nikhil-kumar-mondal-buys-vegetables-from-a-vendor\/\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/tagreuters.com2022binary_LYNXMPEI9903G-BASEIMAGE.jpg\" alt=\"tagreuters.com2022binary_LYNXMPEI9903G-BASEIMAGE\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Arsh Tushar Mogre BENGALURU (Reuters) \u2013 India\u2019s retail inflation accelerated to a five month high of 7.30% in September due to surging food prices, staying well above the Reserve<\/p>\n","protected":false},"author":66,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1680815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1680815","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1680815"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1680815\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1680815"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1680815"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1680815"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}