India’s retail inflation in November was at 5.48 per cent as compared to 6.21 per cent logged in October, falling in line with the Reserve Bank of India’s 2-6 per cent comfort band.
Corresponding inflation rates for rural and urban in November are 5.95 per cent and 4.83 per cent, respectively, official data showed Thursday.
According to data released by the Ministry of Statistics and Programme Implementation on Tuesday, food inflation was at 9.04 per cent in November, versus 10.87 per cent last month.
The decline in inflation in November 2024 is mainly due to the decline in inflation in the food and beverages group.
During the month of November, a significant decline in inflation has been observed in vegetables, pulses and products, sugar and confectionary, fruits, eggs, milk and products, spices, transport and communication and personal care and effects subgroups.
The top five items showing the highest year-on-year inflation at an all-India level in November 2024 are garlic, potato, cauliflower, cabbage, and coconut oil. The key items having the lowest year-on-year inflation in November are jeera, ginger, LPG-excluding conveyance, and dry chillies.
August retail inflation, at 3.65 per cent, was the second lowest in the last five years, and since then it has been rising.
Food prices continue to remain a pain point for the policymakers in India, who wish to bring retail inflation to 4 per cent on a sustainable basis. But today’s inflation data once affirms that inflation is under control.
Inflation has been a concern for many countries, including advanced economies, but India has largely managed to steer its inflation trajectory quite well. The RBI has kept the repo rate elevated at 6.5 per cent to keep inflation contained. The repo rate is the rate of interest at which the RBI lends to other banks. (ANI)
