Retail inflation was recorded at 5.88% in November. Inflation in December stood at 5.72 per cent after a slight decline in retail inflation. Know the prices of which products have come down.
Retail inflation has decreased as compared to November. Apart from this, there are signs of increasing industrial production in India. According to government data, industrial production has increased by 7.1% in November 2022.
not much relief from inflation
Government data said retail inflation stood at 5.88% in November. There is a slight decline in retail inflation in December, but not much relief is expected from inflation. However, according to the Moneycontrol report, the prices of some consumer products have come down.
CPI inflation declined for the third consecutive month
According to Moneycontrol’s report on retail inflation, this is the third consecutive month when CPI inflation has declined. It is also the second month in a row that the CPI is within the Reserve Bank of India’s (RBI) range – 2-6 per cent.
fall in the price of vegetables
The medium-term target has been kept at 4 per cent, but CPI inflation has been seen above this limit for 39 consecutive months. The decline in inflation in December is mainly due to fall in food prices. Food inflation has come down to 4.19 per cent. This is also the lowest in a year. The index saw a decline of 12.7 per cent in December as compared to November. Among the food items, the prices of vegetables declined the most.
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Gradual decline in housing index
Other food items that saw a gradual decline in prices include meat, fish, eggs, fruits and sugar. Cereal prices continued to rally, with the index rising 1.1 per cent month-on-month in December 2022. Apart from food, the index for housing decreased 0.6 percent month-on-month. For the first time in six months, there has been a sequential decline in the housing index. However, clothing and footwear, fuel and light, and other components of the CPI did not decline.
Consumer Price Index (CPI)
December’s retail inflation is at the lowest level in a year. India’s retail inflation is measured by the Consumer Price Index (CPI), according to data released by the Ministry of Statistics and Program Implementation (MoSPI). On Thursday, Retail Inflation was the lowest in a year – at 5.72 percent.
index of industrial production
The production of factories in India i.e. Industrial Production is measured by the Index of Industrial Production (IIP). Production increased to 7.1 percent in November 2022. In October, minus 4.0 percent IPP was giving negative signals. The IPP has seen ups and downs, as the April to October period saw a jump of 5.3 per cent in the IPP.
CPI so low for the first time in the calendar year 2022
The month for which the data was reviewed by MoSPI i.e. December after November saw a growth of 9.7 per cent in mining production and 12.7 per cent in electricity generation. Last month also, retail inflation was at its lowest level since December 2021. The CPI has come below the Reserve Bank of India’s (RBI) upper margin of 6 per cent for the first time in the calendar year 2022.
What has the government told RBI?
According to reports, the government has asked the RBI to maintain retail inflation at 4 per cent, with a margin of 2 per cent on either side, over the five-year period ending March 2026. Explain that in the monetary policy meeting of December, RBI Governor Shaktikanta Das had said that the Reserve Bank will continue its fight against inflation. Das had said inflation was coming down worldwide due to softening commodity and oil prices. However, he also stressed that despite the positive news on inflation, we cannot be “complacent”.
What did RBI say on inflation?
On inflation concerns, RBI Deputy Governor Michael Patra had said that RBI’s efforts are to first bring inflation down to the tolerance band of less than 6%. He said that the quantum of increase in repo and reverse repo rate should be 35 against 50 basis points. This is seen as a signal from the RBI.
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retail inflation industrial output november december govt data