Retail inflation in November sees uptick to 4.88 percent

Retail inflation in November sees uptick to 4.88 percent
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Customers buy vegetables from a stall at a market in Ahmedabad, India, January 12, 2016. REUTERS/Amit Dave/File Photo GLOBAL BUSINESS WEEK AHEAD PACKAGE SEARCH BUSINESS WEEK AHEAD 12 DEC FOR ALL IMAGES

New Delhi [India]: India’s retail inflation on Tuesday grew at 4.88 percent in November, citing an increase in foods and oil prices.

As per the data released by the Government, the retail inflation, measured by Consumer Price Index (CPI) hit a seven-month high at 3.58 percent in October, while rising 3.63 percent in November last year.

Also the consumer vegetable inflation came in at 6.89 percent in November, while prices of pulses continued to fall -23 percent.

Similarly, the fuel and light inflation, which witnessed a surge in July, grew 2.04 percent in November, in comparison to 6.36 percent in October.

On the other hand, the housing inflation nearly grew 7.36 percent in November from 6.68 percent in October.

Earlier last week, the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) forecasted that retail inflation will hover around the range 4.3 to 4.7 percent in quarter ended December and March, higher than the previous projection of 4.2-4.6 percent.

The committee also said that the Reserve Bank has already firmed up and any increase in food and fuel prices may further harden these expectations. (ANI)