India’s Nov retail inflation sequentially inches up to 4.91%

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Higher food prices, as well as rising commodity costs, lifted India’s November retail inflation on a sequential basis, official data showed on Monday.

Data furnished by the National Statistical Office showed that Consumer Price Index (CPI) inched-up to 4.91 per cent last month from 4.48 per cent in October 2021.

However, on YoY basis, the rise in last month’s retail inflation was lower than the 6.93 per cent rise recorded for November 2020.

Despite the rise, retail inflation remained well within the range of the Reserve Bank of India’s set target of 2-6 per cent.

As per the NSO data, the rate of rise in the Consumer Food Price Index increased to 1.87 per cent last month from 0.85 per cent in October.

The CFPI readings measure the changes in retail prices of food products.

In terms of CPI YoY inflation rate, pulses and products’ prices jumped by 3.18 per cent in November 2021. Besides, meat and fish prices rose by 5.55 per cent, however, eggs became cheaper by 1.31 per cent, nevertheless, the overall price of food and beverages category was up 2.60 per cent and oils and fats prices rose 29.67 per cent.

On the other hand, vegetable prices declined by 13.62 per cent.

Furthermore, as per the official data, the inflation rate for fuel and light was at 13.35 per cent. In addition, sub-group of clothing and footwear showed a price acceleration of 7.94 per cent.

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