November CPI inflation eases to 5.48%. (AI image)
CPI inflation: The Consumer Price Index (CPI) inflation for the month of November 2024 eased to 5.48% as against 6.21% in October 2024. The retail inflation has fallen within the Reserve Bank of India’s target range of 2-6%. The Index of Industrial Production saw a growth rate of 3.5% in October 2024, as against 3.1% in September.
November CPI Inflation: Key Takeaways
- The All India Consumer Price Index (CPI) shows a year-on-year provisional inflation rate of 5.48% for November 2024 compared to November 2023. The rural areas experienced 5.95% whilst urban regions recorded 4.83%.
- The All India Consumer Food Price Index (CFPI) indicates a provisional year-on-year inflation rate of 9.04% for November 2024 versus November 2023, with rural areas at 9.10% and urban areas at 8.74%.
- Both CPI(General) and CFPI demonstrated a downward trend after December 2023, reaching their lowest in July 2024. An upward movement was noted from August 2024 through October 2024, followed by a decrease in November 2024, primarily attributed to reduced inflation in the food and beverages category.
- The urban sector-specific housing inflation rate stands at 2.87% for November 2024, showing a slight increase from October 2024’s 2.81%.
- November 2024 witnessed notable inflation decreases across several categories including Vegetables, Pulses & Products, Sugar & Confectionary, Fruits, Eggs, Milk and products, Spices, transport & communication and Personal care & effects subgroups.
- At the All India level in November 2024, the highest inflation rates were recorded in garlic (85.14), potato (66.65), cauliflower (47.70), cabbage (43.58) and coconut oil (42.13). Conversely, the lowest inflation rates were observed in jeera (-35.04), ginger (-16.96), LPG-excluding conveyance (-10.24) and dry chillies (-9.73).
October 2024 IIP Data: Key Highlights
- The Industrial Index of Production (IIP) exhibited a growth of 3.5 percent in October 2024, showing an improvement from 3.1 percent recorded in September 2024.
- Amongst the three primary sectors, Manufacturing led with 4.1 percent growth, whilst Electricity registered 2.0 percent, and Mining showed a modest increase of 0.9 percent in October 2024.
- The Quick Estimates reveal that
IIP reached 149.9, compared to 144.9 in October 2023. Sector-wise indices for October 2024 indicate Manufacturing at 147.9, Mining at 128.5, and Electricity achieving 207.8.