Retail Inflation Data: Inflation broke monthly record in November, disaster on the dinner plate, know updates

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Retail Inflation Data: Retail inflation has once again increased. Due to increase in prices of food items including vegetables and grains, retail inflation increased to a three-month high of 5.55 percent in November. This information was received from the data released by the National Statistical Office (NSO) on Tuesday.

Consumer Price Index (CPI) based inflation was at the level of 4.87 percent in October and 5.88 percent in the same month of last year i.e. 2022. The inflation rate in August was 6.83 percent. Since that time its decline continued. According to official data, the inflation rate of food items increased to 8.7 percent in the month of November which was 6.61 percent in October and 4.67 percent in November last year.

The share of food items in the consumer price index is about 50 percent. Inflation of spices increased by 21.55 percent on annual basis. Apart from this, the inflation of pulses and its products increased by 20.23 percent, that of vegetables by 17.7 percent and that of fruits by 10.95 percent. Inflation of grains and its products stood at 10.27 percent on an annual basis. However, the retail prices of oils and fats declined by 15 percent.

According to NSO data, inflation in rural areas stood at 5.85 percent, while in urban centers it stood at 5.26 percent. Due to this, the national average of inflation was 5.55 percent. The Reserve Bank of India mainly looks at retail inflation while considering monetary policy. He has the responsibility of keeping it at four percent with a variation of two percent. In its monetary policy review last week, RBI has estimated consumer inflation to be at 5.4 percent in the current financial year.

Inflation among the states was highest in Odisha at 7.65 percent. Apart from this, inflation remained more than six percent in Bihar, Gujarat, Haryana, Karnataka, Punjab, Telangana and Rajasthan. Whereas the inflation rate in Delhi was the lowest at 3.1 percent.

ICRA Chief Economist Aditi Nair said that due to the sharp increase in the price of vegetables, inflation of food items and beverages increased to eight percent. He said that the main (core) consumer inflation stood at 4.2 percent in November, 2023, which was 4.4 percent in October 2023.

Aditi Nair said that this is the lowest level of core consumer inflation after the pandemic. The sustained decline in core consumer inflation is positive and has balanced the food inflation data over the past few months. NSO has collected price data from 1,114 urban markets and 1,181 rural areas across the country.

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