Retail inflation rate increased rapidly in November, figure reached 5.5 percent

According to data released by the government on Tuesday, India’s retail inflation rose sharply to 5.55 percent in November after falling to a four-month low of 4.8 percent in October. This increase in retail inflation rate is due to the increase in food prices. The rise in retail inflation has been attributed to a sharp rise in food prices, according to data released by the Ministry of Statistics and Program Implementation. It is noteworthy that food inflation in November stood at 8.70 percent.

Despite the increase, the inflation figure for November remains within the Reserve Bank of India’s acceptable range of 2-6 per cent. According to the released data, an increase of 0.54 percent was recorded in the inflation rate on a sequential basis.

According to data released by the Ministry of Statistics and Program Implementation, the rise in retail inflation has been attributed to the sharp rise in food prices. It is noteworthy that food inflation in November stood at 8.70 percent.

In the monetary policy announced last week, RBI has estimated CPI inflation to be 5.4 percent for 2023-24, with inflation rate of 5.6 percent in the third quarter and 5.2 percent in the last quarter.

Despite price rise, inflation rate remains within the acceptable range of the Central Bank
Despite the increase, the inflation figure for November remains within the Reserve Bank of India’s acceptable range of 2-6 per cent. According to the released data, an increase of 0.54 percent was recorded in the inflation rate on a sequential basis.

Although inflation remains within the satisfactory range of the Reserve Bank of India, a rise in inflation may make the job of the central bank difficult. The Reserve Bank of India’s Monetary Policy Committee (MPC) has decided to keep policy rates unchanged in its latest monetary policy review, but has warned that it will remain ‘highly alert’ to take appropriate policy steps if needed. Will remain.

Announcing the decisions taken in the MPC meeting, Reserve Bank Governor Shaktikanta Das had said that the MPC has decided to keep the policy repo rate unchanged at 6.50 percent. But the central bank is highly alert and ready to take appropriate policy steps as needed.

Industrial production reaches 16-month high of 11.7% in October 2023
The Ministry of Statistics and Program Implementation said on Tuesday that the country’s industrial production reached a 16-month high of 11.7 percent in October 2023, while it had declined by 4.1 percent in the same period a year ago. There was an increase of 5.8 percent in September. Factory output is measured on the basis of the Index of Industrial Production (IIP).

Data released by the National Statistical Office (NSO) shows that manufacturing sector output grew by 10.4 percent in October 2023, compared to a decline of 5.8 percent in the same month last year. There was an increase of 4.5 percent in September.