NEW DELHI (Reuters) -India’s annual retail inflation in November rose at the fastest pace in three months, on the back of food prices, government data showed on Tuesday.
Annual retail inflation rose to 5.55% in November from 4.87% the previous month. However, this was below that rate of 5.70% forecast by a Reuters poll of economists.
Food inflation, which accounts for nearly half of the overall consumer price basket, was 8.70% in November, up from 6.61% in October.
The latest print confirms the Reserve Bank of India’s fears about volatile food prices pushing retail inflation higher. Last week, the bank, for the fifth consecutive meeting, kept the policy rates on hold as inflation remains above target and growth remains strong.
(Reporting by Aftab Ahmed, editing by Christina Fincher)
