Team News Riveting
New Delhi, December 12
The retail inflation as measured by the Consumer Price Index (CPI) slowed down to 11-month low of 5.88 per cent in November from 6.77 per cent in the previous month.
This is the first time since December last year that the retail inflation has come below Reserve Bank of India’s (RBI) tolerance level of 6 per cent. The consumer price index (CPI) based retail inflation was 4.91 per cent in November last year.
As per the data released by the National Statistical Office (NSO), inflation in the food basket was 4.67 per cent in November, against 7.01 per cent in the previous month.
After remaining above the Reserve Bank’s upper tolerance threshold of 6 per cent since January, retail inflation has declined to its lowest level in 11 months. In December 2021, the retail inflation stood at 5.66 per cent.
The RBI’s interest rate-setting panel last week hiked the benchmark rate by 35 basis points to 6.25 per cent, taking the cumulative rate hikes to 2.25 per cent since May 2022.
