India’s retail inflation has declined to 5.48 per cent in November as compared to 6.21 per cent in October, as per the latest government data released on Thursday. This decline is primarily attributed to a drop in food prices, particularly vegetables which have helped reduce the overall inflation rate. This cooling of prices provides some relief to consumers who have been facing higher costs in recent months.
According to the Consumer Price Index (CPI) data from the National Statistics Office (NSO), inflation in the food basket dropped to 9.04 per cent in November, down from 10.87 per cent in October. However, it was slightly higher compared to 8.70 per cent in November 2023.
The NSO stated, “During the month of November 2024, a significant decline in inflation is observed in vegetables, pulses and products, sugar and confectionery, fruits, eggs, milk and products, spices, transport and communication, and personal care and effects subgroups.”
CPI-based headline inflation rose from an average of 3.6 per cent in July-August to 5.5 per cent in September, and further increased to 6.2 per cent in October 2024, marking the highest level in over a year since September 2023.
Last week, the Reserve Bank revised its inflation forecast for the current fiscal year, raising it to 4.8 per cent from the previous estimate of 4.5 per cent. It also highlighted that persistent food price pressures are expected to keep overall inflation high in the December quarter. CPI-based headline inflation rose from an average of 3.6 per cent in July-August to 5.5 per cent in September, and further climbed to 6.2 per cent in October 2024. (With PTI Inputs)
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