India’s Inflation Rate Rises to 6.1%, Exceeding Forecasts and Central Bank Target

Inflation in October was 6.1 percent, up from 5.5 percent in September. The average forecast among analysts was 6.0 percent.

The Indian central bank has an inflation target range of 2-6 percent.

Food prices in India rose 8.9 percent year on year in October, according to Thursday's inflation report. This was more than in September, when food prices rose 7.7 percent.

The country is being affected, among other things, by the weather phenomenon El Niño, which has caused water reservoirs to fall to unusually low levels and is also reducing Indian harvest volumes.