Retail inflation rises to 3-month high of 5.55% in November

New Delhi: Retail inflation inched up to a three-month high of 5.55 per cent in November driven by higher food prices, according to official data released on Tuesday.

The retail inflation based on the Consumer Price Index (CPI) was at 4.87 per cent in October. Inflation had been declining since August when it touched 6.83 per cent.

Retail inflation was 5.88 per cent in November last year.

The rate of price rise in the food basket was 8.7 per cent against 6.61 per cent in October and 4.67 per cent in November 2022, the National Statistical Office (NSO) data showed.

The Reserve Bank of India has been tasked by the government to ensure retail inflation remains at 4 per cent with a margin of 2 per cent on either side.

In the monetary policy announced last week, the RBI projected the CPI inflation at 5.4 per cent for 2023-24, with a reading of 5.6 per cent in the third quarter and 5.2 per cent in the last quarter.