India’s retail inflation, measured by the Consumer Price Index (CPI), declined to 5.48% in November, bringing relief after it surged to a 14-month high in October. The decline was primarily driven by a significant reduction in vegetable prices, aided by improved supply conditions. Stabilized edible oil costs also contributed to the easing of inflation.
In October, inflation had climbed to 6.21%, fueled by soaring food prices and subdued urban consumption. However, November’s figures indicate signs of stabilization in the economy, providing a positive outlook for consumers and policymakers.
Meanwhile, industrial performance showed growth, with the Index of Industrial Production (IIP) recording a 3.5% year-on-year (y-o-y) increase in October 2024, according to data from the Ministry of Statistics. This marks a continued recovery in factory output, reflecting resilience in the industrial sector despite ongoing economic challenges.
