IANS | 12 Jan, 2024
India's retail inflation rose to 5.69 per cent in December 2023 up
from 5.55 per cent in November last tear with higher food prices
stretching household budgets, according to official figures released on
Friday.
Food inflation, which accounts for close to half of the
overall consumer price index (CPI), shot up by 9.05 per cent from 8.657
per cent in November 2023.
The prices of vegetables, pulses,
spices and fruits rose sharply during the month. However, there was some
consolation in cooking oil prices declining during the month.
According
to the data, vegetables prices shot up by as much as 31.34 per cent
durng the month while pulses turned costlier by 2.65 per cent and spices
were dearer by 19.05 per cent.
The prices of cereals also shot up by 9.53 per cent.
The
consumer price inflation is now above the 4 per cent midpoint of the
RBI's 2-6 per cent target range and will make it difficult for the RBI
to cut interest rates to spur economic growth.
The central bank is keen to keep inflation under control to ensure stability.
