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India's Oct wholesale inflation accelerates to four-month high

India's wholesale pricebased inflation sped up to a fourmonth high of 2.36% year on year in October due to raised food costs, government information released on Thursday showed.

Inflation for October was greater than the 2.2% predicted by economic experts in a Reuters poll, and up from 1.84% in September.

Food prices rose 11.6% year on year, compared to a 9.5% gain in September, with veggie prices skyrocketing 63% on-year, compared to a 48.7% dive in September. Cereal costs rose 7.9%. over in 2015 versus an 8.1% rise a month earlier.

Rates of manufactured items rose 1.5% against a 1% rise. in the previous month.

Fuel and power costs dropped 5.8% from a 4% fall in. September.

Headline retail inflation, which is a crucial gauge for the. nation's reserve bank to choose policy rates, has balanced 5%. over the past 12 months, but food inflation has held above 8%,. as weather condition shocks raised prices of vegetables, cereals and. other important food products.

In October, retail inflation struck a 14-month high of 6.2%. while food rates leapt 10.9%, rushing hopes of an interest. cut.

India's rate-setting panel had actually softened its policy stance in. October to neutral however Reserve Bank of India Guv. Shaktikanta Das has stated the change did not indicate there will be a. rate cut in the really next conference.

(source: Reuters)