India's wholesale price index (WPI) stood high at 9.73% in October for the 11th straight month, government data showed on Monday.
This depicts the clear picture that the Reserve Bank of India (RBI) will continue with its anti-inflationary stance by keeping the interest rates high in the economy. The RBI has raised key policy rates by 375 basis points, a 13-times since March 2010 to tame stubborn inflation but no respite yet.
The continuous rate hike has affected the profitability of many Indian corporates and India's industrial production also grew at the snail's pace at 1.9% in September.
The recent spike in inflation is due to high food and fuel inflation in the country.
The food inflation declined marginally to 11.81% for the week ended October 29 against 12.21% recorded in the previous week ended October 22.
The RBI is expecting overall inflation to come down by December and ease to 7% by March.
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