New Delhi, Oct 14 (Reporter) Driven primarily by high food prices, India's consumer price index (CPI)-based retail inflation surged to 5.49% year-on-year in September 2024 from 3.65% in the previous month. "Year-on-year inflation rate based on All India Consumer Price Index (CPI) for the month of September, 2024 is 5.49%. Corresponding inflation rates for rural and urban are 5.87% and 5.05%, respectively. It is likely that the increase in inflation rate for the month of September, 2024 is due to high base effect and weather conditions," an official release said on Monday. With this, retail inflation rate has breached Reserve Bank of India (RBI)'s upper tolerance level of 4%. The central bank is tasked to maintain price stability in the country and maintain retail inflation at 4% with a margin of 2% on either side. As per data released by Ministry of Statistics & Programme Implementation (MoSPI) on Monday, food inflation rose to 9.24% in September this year from 5.66% in the previous month. The RBI's Monetary Policy Committee (MPC) last week decided to keep the policy repo rate unchanged at 6.50% for the ninth consecutive time even as chatter for a rate cut in certain quarters grew louder. While announcing the monetary policy, RBI Governor Shaktikanta Das had said that CPI print for the month of September could see a big jump due to unfavourable base effects and pick up in food price momentum, caused by the lingering effects of a shortfall in the production of onion, potato and chana dal (gram) in 2023-24, among other factors. The retail inflation had softened significantly in July and August with base effect playing a major role in July. Food inflation experienced a certain degree of correction during these two months. The RBI has projected CPI inflation for 2024-25 at 4.5% with Q2 (July-September period of the fiscal) at 4.1%, Q3 at 4.8% and Q4 at 4.2%. During the month of September, 2024 significant decline in inflation was observed in pulses and products, spices, meat & fish and sugar & confectionery subgroup...////...