Consumer price inflation softens from 14 month high, food prices up 9% on year

Latest data showed today that year-on-year inflation rate based on All India Consumer Price Index (CPI) for the month of November, 2024 over November, 2023 is 5.48% (Provisional). This marked a softening from a 14-month high of 6.2% in the previous month. Corresponding inflation rates for rural and urban are 5.95% and 4.83%, respectively. Year-on-year inflation rate based on All India Consumer Food Price Index (CFPI) for the month of November, 2024 over November, 2023 is 9.04% (Provisional). Corresponding inflation rate for rural and urban are 9.10% and 8.74%, respectively. All India inflation rates for CPI (General) and CFPI over the last 13 months are shown below. It can be observed that after December 2023, inflation rate for both CPI (General) and CFPI were declining, reaching their lowest point in July 2024. However, from August, 2024 to October. 2024, an increasing trend was observed. Thereafter, in November, 2024 inflation is again declined. The decline in inflation in November 2024 is mainly due to decline in inflation in food & beverages group. During the month of November, 2024 significant decline in inflation is observed in Vegetables, Pulses & Products, Sugar & Confectionary, Fruits, Eggs, Milk and products, Spices, transport & communication and Personal care & effects subgroups.

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