October retail inflation likely above 7% again: Poll | Business – Times of India Videos

India’s retail inflation likely stayed above 7% for a second straight month in October as supply distortions led to a surge in vegetable prices, especially of onions, a Reuters poll showed, lowering the chances of further interest rate cuts. Disruption from by the coronavirus pandemic and excessive rainfall in states such as Maharashtra, Karnataka and Andhra Pradesh have damaged and delayed the harvesting of onions – a key ingredient in Indian kitchens – alongside other vegetables. A Reuters poll of 50 economists conducted from November 4-9 predicted consumer prices rose 7.30% last month from a year earlier, a touch lower than September’s 7.34% rate. If realised, it would be above the top end of the Reserve Bank of India’s medium-term target range of 2%-6% for the seventh consecutive month, a streak not seen since August 2014.