India Consumer Price Inflation Spikes To 5-Month High

India's consumer price inflation rose to a five-month high of 7.41 percent in September from 7.00 percent in August, data from the National Statistical Office showed on Wednesday. In the same period last year, inflation was 4.35 percent. The inflation rate was well above the Reserve Bank of India's medium term target of 4.0 percent. The acceleration of inflation in September was largely driven by a 10.39 percent price growth in fuel and lighting prices, and a 10.17 percent surge in clothing and footwear prices. Prices for food and non-alcoholic beverages alone grew 8.41 percent annually in September, primarily due to higher prices for vegetables and spices. Food price inflation stood at 8.60 percent in September, up from 7.62 percent in August. On a monthly basis, consumer prices moved up 0.57 percent from August, and food prices showed an increase of 0.91 percent.

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