Nov ’23 retail inflation rises on high pulses, veggie prices

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Retail inflation has again increased in November 2023 after falling continuously in preceding three months. The CPI based inflation print came in at 5.55 per cent in November 2023. Inflation in rural areas increased to 5.85 per cent. While, inflation in urban areas increased to 5.26 per cent. Inflation has again started to increase on the back of rise in vegetable, pulses, cereals and fruit prices.

In another set of figures, India’s industrial production growth increased to a 16-month high of 11.7 per cent in October, mainly due to good show by manufacturing, mining and electricity sectors, according to the official data released on Tuesday. In October 2022, the industrila production had contracted by 4.1 per cent.

Vegetable prices have again begun to rise in the country. This is the main reason behind uptick in November retail inflation. Vegetables inflation print came in at 17.70 per cent.

High pulses and products inflation continue to trouble the government. November pulses inflation has increased to worrisome levels of 20.23 per cent. Pulses and products inflation has been quietly rising since March, 2023. Despite government’s efforts to contain prices, pulses prices continue to rise in the country. Pulses and products inflation has continuously risen in last nine months. It rose for the ninth straight month in November 2023.

Cereals and products inflation too has been headache for government for quite a long time now. Despite various steps taken by the government, prices of staple food items like rice and wheat have continued to trouble the the people. Cereals and products inflation has remained at high levels throughout the year. November 2023 print for cereals and products inflation came in at 10.27 per cent.

Fruit inflation too has become headache for the government. It has continuously increased from June 2023 onwards. Fruit inflation has risen continuously for last six months. It rose for the sixth straight month in November 2023 to 10.95 per cent.

Food inflation too after falling continuously for last three preceding months to November 2023, it came in at 8.02 per cent.

Albeit, there is some respite for fitness enthusiasts. As, there has been some correction in milk, egg and meat and fish inflation. Egg inflation fell to 5.90 per cent in November 2023. Meat and fish inflation had largely remained muted as the year 2023 had progressed. It fell to 2.15 per cent in the month under consideration.

Milk inflation on the other hand has continuously fallen for last two straight months and came in at 5.75 per cent in November 2023.

Spices inflation has also remained high in last one year. In November 2023, CPI Inflation print for spices came at 21.55 per cent.

Personal care and effects inflation too has also been elevated for past few months now. Personal care and effects inflation came in at 7.83 per cent.

On the other hand, fuel and light inflation has remained low for quite a long time now thanks to OMCs which haven’t raised petrol and diesel prices for more than one year. November 2023 fuel and light inflation further dipped to (-) 0.77 per cent.

Oil and fats inflation fell to (-) 15.03 per cent due to steps taken by the government to keep edible oil prices in check.