India's consumer price inflation jumps to 5.54% in November
12 Dec 2019
Consumer price inflation in the country rose further to 5.54 per cent in November 2019 from 4.62 per cent in October, climbing up the upper limit of Reserve Bank of India’s tolerance band, provisional figures released by the Central Statistics Office (CSO) showed.
India’s consumer price inflation has been steadily rising after hitting 3.15 per cent in July as opposed to the wholesale price inflation that has steadily declined till September.
The inflation rate based on the consumer price index (CPI) was 2.33 per cent in November 2018.
Data released by the CSO showed that inflation rate for the food basket rose further to 10.01 per cent in November 2019 from 7.88 per cent in October. Food price inflation was at (-) 2.61 per cent in November 2018.
Consumer price inflation for the rural areas shot up further to 5.27 per cent in November 2019 from 4.29 per cent in October. It was 1.71 per cent in November 2018.
Consumer price inflation for the urban areas shot up further to 5.76 in November 2019 from 5.11 per cent in October. It was 3.12 per cent in November 2018.
Food price inflation for rural areas zoomed to 8.83 in November 2019 from 6.42 per cent in October. It was (-) 2.40per cent in November 2018.
Food price inflation for urban areas climbed further to hit 12.26 per cent in November 2019 from 10.47 per cent in October. It was (-) 3.04per cent in November 2018.
It may be noted that the Reserve Bank of India has struck a note of caution during its policy announcement last week, after steadily reducing its policy interest rates for five consecutive occasions in an attempt to give a renewed push to a slowing economy.