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Retail inflation drops to 5.88%, its lowest level in 11 months, in November

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CPI inflation fell to 5.88%% in November. (File)

New Delhi:

Retail inflation fell to an 11-month low of 5.88% in November, mainly due to lower food prices, official data showed today.

This is the first time in 11 months that the retail inflation print has been within the RBI’s 4(+/-2)% tolerance range.

Retail inflation based on the consumer price index (CPI) was 6.77% in October 2022 and 4.91% in November last year.

According to data released by the Office for National Statistics (ONS), food basket inflation was 4.67% in November, down from 7.01% the previous month.

After staying above the upper 6% tolerance threshold set by the Reserve Bank since January, retail price inflation fell to its lowest level in 11 months. In December 2021, retail price inflation stood at 5.66%.

The Reserve Bank said last week that the worst of inflation was behind us, but there is no room for complacency in the fight against rising prices. The central bank also said it would keep “Arjuna’s eye” (close attention) on changing inflation dynamics and that projected inflation is expected to remain above 4% over the next 12 months. month.

Last week, the RBI’s interest rate setting panel raised the benchmark rate by 35 basis points to 6.25%, taking cumulative rate hikes to 2.25% since May 2022.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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