New Delhi, Dec 14: November saw the fastest rate of increase in wholesale price-based inflation in eight months, rising by 0.26 percent, mostly as a result of a significant increase in food prices. For the previous seven months, the WPI inflation rate has been negative, and in October it was (-) 0.52%. The Commerce and Industry Ministry released a statement saying, “Positive rate of inflation in November, 2023 is primarily due to increase in prices of food articles, minerals, machinery & equipment, computer, electronics & optical products, motor vehicles, other transport equipment and other manufacturing etc.” From 2.53 percent in October to 8.18% in November, food inflation increased.A spike in food prices in November caused retail or consumer price-based inflation to rise at its fastest rate in three months, according to official data released earlier this week at 5.55 percent. In its bi-monthly monetary policy announcement last week, the Reserve Bank raised concerns about rising food inflation in November and December while keeping interest rates unchanged.
