India's retail inflation surges to 3-month high of 5.55% in November
Food inflation was 8.7% in November, up from 6.6% in October
- Dec 12, 2023,
- Updated Dec 12, 2023 6:43 PM IST
Retail inflation of India surged 5.5 per cent in November on an annual basis as against a four-month low of 4.87 per cent in October. This is within the Reserve Bank of India's (RBI) tolerance band of 2-6 per cent.
Food inflation, which accounts for nearly half of the overall consumer price basket, was 8.7 per cent in November, up from 6.6 per cent in October.
Earlier, a Reuters poll predicted the retail inflation to rise by more than 80 points on a sequential basis on account of volatility in food prices to 5.7 per cent.
Last week, in the December policy meeting, the RBI left the inflation aim unchanged at 5.4 per cent. In the August policy, the RBI MPC had raised its FY24 inflation forecast to 5.4 per cent from 5.1 per cent.
India’s industrial production growth increased to a 16-month high of 11.7 per cent in October, mainly due to good show by manufacturing, mining and electricity sectors, according to the official data released on Tuesday.
“India’s IIP growth rate rises to a 16-month high of 11.7 per cent in October 2023,” an official statement said.
Factory output measured in terms of the Index of Industrial Production (IIP) had contracted by 4.1 per cent in October 2022.
The data released by the National Statistical Office (NSO) showed that the manufacturing sector’s output grew by 10.4 per cent in October 2023.
Mining production rose 13.1 per cent during the month under review. Power output rose 20.4 per cent.
The IIP grew by 6.9 per cent in April-October 2023 compared to 5.3 per cent growth a year ago.
Retail inflation of India surged 5.5 per cent in November on an annual basis as against a four-month low of 4.87 per cent in October. This is within the Reserve Bank of India's (RBI) tolerance band of 2-6 per cent.
Food inflation, which accounts for nearly half of the overall consumer price basket, was 8.7 per cent in November, up from 6.6 per cent in October.
Earlier, a Reuters poll predicted the retail inflation to rise by more than 80 points on a sequential basis on account of volatility in food prices to 5.7 per cent.
Last week, in the December policy meeting, the RBI left the inflation aim unchanged at 5.4 per cent. In the August policy, the RBI MPC had raised its FY24 inflation forecast to 5.4 per cent from 5.1 per cent.
India’s industrial production growth increased to a 16-month high of 11.7 per cent in October, mainly due to good show by manufacturing, mining and electricity sectors, according to the official data released on Tuesday.
“India’s IIP growth rate rises to a 16-month high of 11.7 per cent in October 2023,” an official statement said.
Factory output measured in terms of the Index of Industrial Production (IIP) had contracted by 4.1 per cent in October 2022.
The data released by the National Statistical Office (NSO) showed that the manufacturing sector’s output grew by 10.4 per cent in October 2023.
Mining production rose 13.1 per cent during the month under review. Power output rose 20.4 per cent.
The IIP grew by 6.9 per cent in April-October 2023 compared to 5.3 per cent growth a year ago.