NEW DELHI, Nov 14 Reuters India39;s wholesale pricebased inflation accelerated to a fourmonth high of 2.36 year on year in October due to elevated food prices, government data released on Thursday showed.

Inflation for October was higher than the 2.2 projected by economists 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 vegetable prices soaring 63 onyear, compared to a 48.7 jump in September. Cereal prices rose 7.9 over last year versus an 8.1 rise a month ago.

Prices of manufactured products rose 1.5 against a 1 rise in the previous month.

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

Headline retail inflation, which is a key gauge for the country39;s central bank to decide policy rates, has averaged 5 over the past 12 months, but food inflation has held above 8, as weather shocks elevated prices of vegetables, cereals and other essential food items.

In October, retail inflation hit a 14month high of 6.2 while food prices jumped 10.9, dashing hopes of an interest cut.

India39;s ratesetting panel had softened its policy stance in October to neutral but Reserve Bank of India Governor Shaktikanta Das has said the change did not mean there will be a rate cut in the very next meeting.

Reporting by Nikunj Ohri; Editing by Rashmi Aich

Source Reuters