India’s retail inflation, based on the Consumer Price Index (CPI), in December 2023 increased to a four-month high of 5.69 per cent, according to the latest official data released on Friday. Though the 5.69 per cent CPI inflation is far from the RBI’s medium-term target level of 4 per cent, it is within the tolerance limit of 2-6 per cent.
Meanwhile, India’s industrial output, based on IIP, growth stood at 6.4 per cent in November 2023, according to the latest official data released separately.
The inflation based on Consumer Price Index (CPI) was at 5.55 per cent in November 2023 and 5.72 per cent in December 2022.
In August 2023, inflation touched a high of 6.83 per cent.
As per the data released by the National Statistical Office (NSO), retail inflation in the food basket was at 9.53 per cent in December 2023, up from 8.7 per cent in the preceding month and 4.9 per cent in the year-ago month.
The Reserve Bank of India has been tasked by the government to ensure retail inflation remains at 4 per cent with a margin of 2 per cent on either side. In the monetary policy announced last month, the RBI projected the CPI inflation at 5.4 per cent for 2023-24, with a reading of 5.6 per cent in the third quarter and 5.2 per cent in the last quarter.
IIP Growth In November 2023
India’s industrial production grew 2.4 per cent in November, according to official data released on Friday. Factory output measured in terms of the Index of Industrial Production (IIP) had grown by 7.6 per cent in November 2022.
“India’s Index of Industrial Production grows by 2.4 per cent in November 2023,” an official statement said. The data released by the National Statistical Office (NSO) showed that the manufacturing sector’s output grew by 1.2 per cent in November 2023.
The mining production rose 6.8 per cent during the month under review. Power output rose 5.8 per cent. The IIP grew by 6.4 per cent in April-November 2023 compared to a 5.6 per cent expansion a year ago.
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