Retail inflation rises to a 3-month peak of 5.55% in November

In November, official data revealed that retail inflation climbed to a three-month high of 5.55%, primarily propelled by surging food prices. This surge followed October's inflation rate of 4.87%, marking a consecutive decline from August's peak of 6.83%.

Comparatively, the retail inflation figure in November 2021 stood at 5.88%.

Notably, the food basket's inflation rate spiked to 8.7% in November, significantly higher than October's 6.61% and November 2022's 4.67%, as per the National Statistical Office (NSO) data.

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This inflation number remains higher than RBI's inflation target. The Reserve Bank of India has reiterated its retail inflation target of 4%.

In its recent monetary policy announcement, the RBI forecasted the CPI inflation at 5.4% for 2023-24, estimating 5.6% in the third quarter and 5.2% in the final quarter of the fiscal year.