This article was last updated on April 16, 2022
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India’s inflation exceeded 9 percent for an 11th straight month, crimping the central bank’s scope to keep interest rates unchanged and shield the economy from a faltering global recovery.
The benchmark wholesale-price index rose 9.73 percent in October from a year earlier, the commerce ministry said in a statement in New Delhi today. That compares with a 9.72 percent jump in September and the median forecast of 9.65 percent in a Bloomberg News survey of 19 economists.
Asian nations from Indonesia to South Korea are either cutting rates or keeping them on hold to protect expansion as Europe’s debt crisis threatens to trigger a global slump. India’s central bank last month signaled it’s nearing the end of monetary tightening, provided inflation slows, after it raised rates for the 13th time since mid-March 2010.
“If inflation doesn’t fall as expected, the central bank could reconsider its guidance,” Dharmakirti Joshi, a Mumbai- based economist at Crisil Ltd., the Indian unit of Standard & Poor’s, said before the report. “It is a very difficult situation on the inflation front as prices are still sticky.”
The BSE India Sensitive Index gained 0.8 percent at 11:29 a.m. in Mumbai. The yield on the 8.79 percent government security due November 2021 rose three basis points, or 0.03 percentage point, to 8.97 percent. The rupee strengthened 0.1 percent to 50.07 per dollar.
The currency has tumbled more than 10 percent this year, a decline the central bank has said risks stoking inflation.
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