United Kingdom inflation steady at five-year high in October

With spike in food vegetable prices retail inflation hits seven-month high

Wholesale inflation rose to six month high of 3.59 percent in October as prices of food articles, led by onion and vegetables, witnessed a sharp rise.

The overall food prices, as gauged by the Consumer Food Price Index (CFPI), rose to 1.90 per cent during the month under review from 1.25 per cent in September 2017.

The Consumer Price Index (CPI) for October has went up by 3.58 per cent in comparison to same period previous year.

Separately on Tuesday, data from research group Kantar showed that United Kingdom grocery price inflation for the quarter ending November 5 stood at 3.4 percent, the highest level in four years. However, fruits were comparably cheaper in October on a sequential basis.

The BoE tightened borrowing costs to 0.50 percent from a record-low of 0.25 percent, with Britain's inflation far above the central bank's 2.0-percent target rate.

Retail inflation inched up to a seven-month high in October on the back of higher food, fuel and housing prices, dashing hopes of any cut in interest rates by RBI for now.

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India Inc. on Tuesday said the rise in inflation numbers for October is in line with the industrys expectations owing to factors like marginal rise in demand together with increase in prices of crude oil and other commodities globally. "However, cut in excise duty announced by the government tempered the price increase in fuel".

New Delhi, facing risks of a widening fiscal deficit this year mainly due to lower growth in revenue receipts, wants the RBI to ease policy rates to support private investments and revive economic growth.

During the 23rd Goods and Services Tax (GST) council meeting, tax rates were lowered for 213 items.

Crude prices have rallied, sending Brent crude to its highest since June 2015, a worry given that India imports most of its energy needs.

The government is releasing consumer price inflation data since January 2012 based on combined data for rural and urban consumers.

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