As many as nine states recorded a higher inflation rate than the national average in October.
While the average Indian consumer’s cost of living increased by 4.87 percent in October compared to the previous year, it increased by 6.47 percent in Odisha, 6.25 percent in Rajasthan and 6.02 percent in Haryana. States like Bihar, Karnataka, Punjab, Telangana, Gujarat and Uttar Pradesh – all of which have a higher inflation rate than the national average – recorded a price increase between 5.06 per cent and 5.63 per cent.
Meanwhile, India’s headline inflation rate is lower than that of South Africa and Russia, two key emerging markets in the BRICS (Brazil, Russia, India, China and South Africa) group of countries. Prices rose by 5.4 percent in South Africa and by 6.69 percent in Russia. China, on the other hand, recorded negative inflation of -0.2 percent compared to the same period last year, indicating a weak economic recovery since the pandemic.
Among advanced economies, only Britain has recorded higher prices than India. While Britain reported retail inflation at 6.7 percent and the US at 3.7 percent (as of September), in October it was 3.3 percent in Japan, 3.8 percent in Germany and 4 percent in France.
First print: November 14, 2023 | 1:01 am IST