The consumer price index (CPI) based retail inflation eased to an 11-month low of 5.88 per cent in November 2022, mainly due to softening prices of food items. This is the first time in 11 months that the retail inflation print has come within the RBI’s tolerance band of 4 (+/- 2) per cent. The CPI was 6.77 per cent in October 2022, and 4.91 per cent in November last year. Inflation in the food basket was 4.67 per cent in November, against 7.01 per cent in the previous month.
The National Statistical Office (NSO) under Ministry of Statistics and Programme Implementation in its data has showed that Rural CPI (General) in November 2022 stood at 6.09 per cent as against 6.98 per cent in October. The Urban CPI (General) stood at 5.68 per cent in November as against 6.50 per cent in October. The index value for Rural, Urban and Combined CPI (General) stood at 177.8, 175.0 and 176.5 respectively, in November 2022.
As per the data, prices of spices and cereals, up 19.52 per cent and 12.95 per cent respectively in November, saw the highest appreciation among all the goods tracked by the CPI index. Milk products became dearer by 8.16 per cent, meat and fish by 3.87 per cent, and eggs by 4.96 per cent, while vegetables contracted by 8 per cent during the month in review. Also, inflation in Oils and fats and Sugar and Confectionery contracted by 0.63 per cent and 0.25 per cent, respectively.
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