Retail inflation measured by Consumer Price Index (CPI) surged by 5.55 per cent in November on an annual basis as against a four-month low of 4.87 per cent in October, data released by the Ministry of Statistics and Programme Implementation showed on Tuesday. 

The number has remained within the Reserve Bank of India’s (RBI) tolerance band of 2-6 per cent.

On a sequential basis, the inflation rate stood at 0.54 per cent, according to the data released. The food inflation for November stood at 8.70 per cent. 

The vegetable inflation stood at 17.7 per cent in November. In addition, the fuel and light inflation contracted (-) 0.77 per cent. 

Meanwhile, the Index of Industrial Production (IIP) in October rose to a 16-month high of 11.7 per cent in October 2023 against a contraction of 4.1 per cent in the same period a year ago, the Ministry of Statistics and Programme Implementation (MoSPI) said on Tuesday. In September, it had grown by 5.8 per cent.

Data released by the National Statistical Office (NSO) showed that the manufacturing sector’s output grew by 10.4 per cent in October 2023 after witnessing a contraction of 5.8 per cent in the same month last year. In September, it had grown by 4.5 per cent. 

Mining sector output saw an increase of 13.1 per cent in October against a growth of 2.6 per cent in the same period last year. Output in September saw a growth of 11.5 per cent. 

Electricity sector witnessed growth of 20.4 per cent in October as compared to 1.2 per cent in the same month a year ago. 

“Both consumer durable and non-durable goods performed well, which is a relief as they have been trailing for long. The onset of the late festival seasons has contributed to this increase, which if sustained can take overall growth to a higher trajectory,” said Jahnavi Prabhakar, an economist of Bank of Baroda.