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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