Consumer Price Inflation Drops in December 2024
In a recent development, consumer price inflation in December 2024 has reached a four-month low, standing at 5.22%. This marks a decrease from November's 5.48%, primarily attributed to a reduction in food prices, as per the official data released on Monday.
The Consumer Price Index (CPI) was reported at 5.69% in December 2023. The National Statistics Office (NSO) data further highlighted that inflation in the food basket decreased to 8.39% in December from 9.04% in November and 9.53% in December 2023.
RBI Adjusts Inflation Forecast
The Reserve Bank of India has recently revised its inflation forecast for the current fiscal year upwards to 4.8% from 4.5%. The central bank also noted that persistent pressures from food prices are likely to keep headline inflation elevated during the December quarter.
Headline inflation, based on CPI, escalated from an average of 3.6% in July-August to 5.5% in September, and subsequently to 6.2% in October 2024.
Comments