Annual retail price inflation in India went up to 5.55% in November 2023, the first increase in four months, from 4.87% in October and compared to market expectations of 5.7%. Food inflation went up to 8.7%, the highest in three months, from 6.61% in October. Monsoon in India hit five-year low in 2023 due to El Nino, affecting agricultural production. Prices rose the most for spices (21.6%), pulses (20.2%), vegetables (17.7%), namely onions and tomatoes, fruit (11%) and cereals (10.3%) while cost for oils and fats went down 15%. Meanwhile, a slowdown was seen in prices for pan, tobacco, and intoxicants (3.81% vs. 3.87%), clothing and footwear (3.9% vs. 4.31%), housing (3.55% vs. 3.8%), and miscellaneous (4.38% vs. 4.4%). Additionally, fuel and light costs fell by 0.77% after a 0.39% drop in October.
Sources: Trading Economics
Auth: Mr. Suman Chaudhary
