India and Romania Report Rising October Inflation Rates
India's retail inflation breached the central bank's tolerance ceiling while Romania reported an annual inflation rate of 6.9% for October.
Retail inflation in India rose to 6.09% in October, marking the 12th consecutive month of price increases and breaching the Reserve Bank of India's tolerance ceiling of 2-6%. The surge was primarily driven by food inflation, which accelerated to 8.94%, with onion prices specifically seeing an inflation rate of 116.22%. Contributing factors include a deficient monsoon, higher global food prices, and elevated energy costs.
In response, the Reserve Bank of India raised its inflation average projection for the current financial year to 5.2%. The central bank is expected to raise the repo rate by 25 basis points to 5.75% in December.
Separately, Romania reported an annual inflation rate of 6.9% in October. The National Bank of Romania revised its year-end inflation forecast upward to 6.1%, citing rising costs for fuel, energy, and commodities.
