Inflation Rate in November : There has been some relief on the inflation front. Retail inflation has declined in the month of November. Retail inflation has come down to 5.48 percent in November. In October it was at the level of 6.21 percent. The main reason for this is the softening of prices of food items, especially vegetables. According to the Consumer Price Index (CPI) data released by the National Statistical Office (NSO), inflation in food items declined to 9.04 percent in November. It was 10.87 percent in October and 8.70 percent in November 2023.
Decreased prices of these products
NSO said, “There was a significant decline in inflation of vegetables, pulses, sugar and confectionary, fruits, eggs, milk, spices, transport and communication and personal care products in November 2024.” CPI-based total inflation July-August It increased from an average of 3.6 percent during 2020 to 5.5 percent in September and 6.2 percent in October, 2024. This was the highest since September 2023. The Reserve Bank of India had last week increased the inflation estimate for the current financial year 2024-25 from 4.5 percent to 4.8 percent. The Central Bank had also expressed the possibility of overall inflation remaining at a high level in the December quarter due to pressure on food prices.
Industrial production slowed down
The growth of industrial production declined to 3.5 percent in October this year. The main reason for this is the poor performance of mining, power and manufacturing sectors. This information was given in the official figures released on Thursday. Factory output, measured in terms of the Index of Industrial Production (IIP), had grown by 11.9 percent in the same month last year. An official statement said that the country’s industrial production has increased by 3.5 percent in October, 2024. According to data released by the National Statistical Office (NSO), manufacturing sector output grew by 4.1 percent in October, 2024. Whereas in the same month a year ago, it had increased by 10.6 percent. Mining production increased by 0.9 percent and electricity generation by two percent in October 2024. In the April-October period, IIP grew by four per cent. Industrial production had increased by seven percent in the same period of the last financial year.
Latest Business News
