Rising oil and gas prices rose to 37.2% in October, up from about 25% last month, while commodity prices rose to 12%.

The decline in commodity prices reached a five-month high of 12.54% in October, a sharp increase from 10.66% in September, due to a sharp rise in commodity prices led by oil and energy, vegetable and oil and pharmaceuticals.

Economists noted that commodity prices rose again to 11.9% in October, the seventh consecutive month when inflation showed a two-digit increase in prices. in October 2020 changed to + 1.31%.

Rising oil and gas prices rose to 37.2% in October, up from about 25% last month, while commodity prices rose to 12%.

“Among other indications of the crisis in coal availability, electricity prices rose by 19% respectively, which increased oil prices by up to 37%. In addition, although volatile oil prices rose, natural gas index rose by 31% monthly,” “said Aditi NAyar, an ICRA economist.

Wholesale Food Price index rose 3.06% compared to 1.14% in September. Initial food prices have risen sharply since August 2017, respectively, comparing Morgan Stanley economists Upasana Chachra and Bani Gambhir in a statement on Monday, saying inflation (WPI) prices were higher than expected.

On a monthly basis, food prices rose 5% due to vegetables and fruits, which continued to rise until early November, said ICRA economist Aditi Nayar. The process, which is more common in potatoes, tomatoes and onions, will be richer compared to the food season in November, he said.

“The rise in prices in October 2021 is due to rising prices for fossil fuels, scrap metal, food, petroleum & natural gas, pharmaceuticals and more, compared to last month’s month,” said the Economic Advisor’s office in the industrial development department. and internal marketing (DPIIT) output of WPI.

Reducing tariffs on oil announced earlier this month could provide relief to manufacturers struggling to keep pace with rising commodity prices, says Nayar, who expects inflation to be lower in the coming months.

Rising prices could lead to a rise in retail prices this month. Prices in October showed a slight decline in October, moving up 4.48% from 4.35% in September. However, in the cities of India the prices have risen by more than 5%, and oil, transport and communications and vegetable prices have risen sharply throughout the country.


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