Food prices are  expected  to remain uncertain going  forward, which  was also  highlighted  by the RBI in its latest monetary policy review  released  last week. 

  According to official data released on Tuesday, retail  inflation  rose  to a three-month high of  5.55%  in  November,  driven by  rising  food  prices.  

  Retail  inflation based on the Consumer Price Index (CPI) was  4.87%  in October. Inflation  has decreased  since  August,  when it  reached 6.83%.  Retail inflation was  5.88%  in November last year.  According to data from the Office for National Statistics (ONS), the growth  rate  in  food basket  prices  was  8.7% compared to 6.61%  in October and  4.67%  in November  2022.  

 The Reserve Bank of India has been tasked by the government to ensure retail inflation remains at  4%  with a margin of  2%  on  both sides.  

 In  its  monetary policy  statement  announced last week, the RBI  forecast  CPI inflation at  5.4% in  2023-24, with  5.6%  in the third quarter and  5.2%  in the  previous  quarter. 

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