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November Inflation: India's retail inflation fell to 5.48 percent in November 2024, while it was 6.21 percent in October. The main reason for this decline is the softening of prices of food items, especially vegetables and other essential commodities. This information was received from the data released by the National Statistical Office (NSO).
Decline in CPI based inflation
Inflation in food items under the Consumer Price Index (CPI) declined to 9.04 percent in November, as against 10.87 percent in October. According to the NSO, inflation in vegetables, pulses, sugar, confectionery, fruits, eggs, milk, spices, transport, communication, and personal care products has declined significantly.
Change in inflation forecast by Reserve Bank of India (RBI)
Meanwhile, the Reserve Bank of India (RBI) has raised the inflation forecast for the current financial year 2024-25 from 4.5 percent to 4.8 percent. The central bank had also expressed apprehension that inflation would remain high in the December quarter due to pressure on food prices.
The current trend of inflation
The CPI-based overall inflation rose from an average of 3.6 per cent during July-August to 5.5 per cent in September and 6.2 per cent in October 2024. It was the highest since September 2023, but there was relief in November.
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