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Retail inflation hits 15-month high of 4.88 percent in November
Retail inflation grew to a 15-month high of 4.88 percent in November from October's 3.58 percent, government data showed on Tuesday mainly due an increase in foods and oil prices.
A Reuters poll of more than 30 economists had predicted the November retail inflation to hit a 13-month high of 4.20 per cent. The higher inflation rate is unlikely to push the RBI to change the repo rate, or the rate at which the central bank lend money to commercial banks, anytime soon, according to economists polled by Reuters.
Retail inflation, measured by Consumer Price Index (CPI) hit a seven-month high at 3.58 percent in October, while rising 3.63 percent in November a year ago.
India's industrial output growth slowed down to 2.2 percent in October compared to 3.8 percent in September due to poor perfomance of manfuacturing sector. The cumulative growth for the period April-October 2017 over the corresponding period of the previous year stood at 2.5 percent.
The inflation, based on Consumer Price Index (CPI), was at 3.58 per cent in October.
It was 3.63 per cent in November 2016. The previous high was recorded at 5.05 per cent in August last year.
Inflation in protein rich eggs shot to 7.95 per cent in November on annual basis, as against 0.69 per cent in the previous month.
In the fuel and light segment, it was 7.92 per cent, as against 6.36 in October.
For vegetables it was 22.48 per cent in November. The inflation in the segment was a only 7.47 per cent in October.
However, in the pulses segment the print continued to show disinflationary trend as it contracted by 23.53 per cent on annual basis.
Last week, the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) forecasted that retail inflation will hover around the range 4.3 to 4.7 percent in quarter ended December and March, higher than the previous projection of 4.2-4.6 percent.
The MPC also said that that inflation expectations, i.e., food and fuel inflation, edged up in November. Inflation expectations of households surveyed by the Reserve Bank have already firmed up and any increase in food and fuel prices may further harden these expectations.
OneIndia News
