Inflation in India saw a more significant decrease in November than anticipated, following a 14-month high in October, due to a deceleration in food prices. At the same time, industrial production recorded a modest acceleration in growth for the month of October, according to separate reports released by the National Statistical Office on Thursday.
The consumer price index for inflation fell to 5.48% in November, down from 6.21% in October. This was slightly lower than economists' predictions, which had placed November's inflation at 5.53%. The rate of inflation for the same month last year was 5.55%, marking a notable reduction this year.
This decrease brings the consumer price inflation below the lower limit of the official target range of 2-6%.
Food inflation also saw a decline, dropping to 9.04% in November from 10.87% in October. However, housing inflation experienced a slight uptick, rising to 2.87% from 2.81%. The report indicated that the costs for fuel and light fell by 1.83%. On a month-to-month basis, consumer prices decreased by 0.15%.
As for industrial production, it witnessed an annual growth rate of 3.5% in October, aligning with expectations, following a 3.1% increase in the previous month. The manufacturing output rose by 4.1% after a 3.9% gain in September. Additionally, data revealed that mining production and electricity output increased by 0.9% and 2.0%, respectively.
From April to October, industrial production expanded by 4.0% compared to the same timeframe in the previous year.
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