Softening food prices eases retail as well as wholesale inflation in October; raises hopes for another rate cut in RBI's monetary policy review next month. Exports see a sharp rise by 9.59 per cent; petrol and diesel prices reduced. In a good news for economy, Exports continued to grow for the second month in a row, expanding by 9.59 % to USD 23.51 billion in October on healthy growth in shipments of jewellery and
engineering products. Imports increased by 8.11 % to USD 33.67 billion, leaving a trade deficit of USD 10.16 billion in the month. WPI inflation dipped to 3.39% in October as food prices soften.
WPI inflation in vegetables witnessed deflationary pressures and was recorded at -9.97 % in October, retail inflation for the month of october softened to 4.20 %.
Oil companies have decreased petrol and diesel prices by Rs 1.46 per litre and Rs 1.53 per liter respectively. The new prices will be effective from midnight of Wednesday.
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