India's retail inflation spikes to 5.55 pc in November: Govt data
Driven primarily by food prices, India's consumer price index (CPI)-based inflation inched up to 5.55% in November 2023 from 4.87% in the previous month.
As per data released by the Ministry of Statistics & Programme Implementation (MoSPI), food inflation in November was high at 8.70% as against 6.61% in October this year.
In the month of November, rural inflation stood at 5.85% while urban inflation was comparatively lower at 5.26%.
While retail inflation moved up in November it remained below the Reserve Bank of India (RBI)'s upper tolerance level of 6%.
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.
In its bi-monthly monetary policy review last week, the RBI kept the policy repo rate unchanged at 6.5%. This was the fifth time in a row that the Monetary Policy Committee (MPC) of the RBI maintained status quo on the key interest rate.
The RBI has projected CPI inflation at 5.4% in the current financial year.
RBI Governor Shaktikanta Das had last week said that while there has been broad-based easing in core inflation, the near-term outlook is masked by risks to food inflation which might lead to an inflation uptick in November and December.
(With UNI inputs)
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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