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Retail Inflation Likely Moved Past RBI’s 4% Target In November
Analysts expect November retail inflation to move past the RBI's medium term target of 4%.
As per the Reuters poll, retail inflation for the month of November likely exceeded the central bank's target of 4%. This increase is primarily attributed to unseasonal heavy rainfall that pushed prices of food articles higher.
Annual consumer inflation figure is due to be released on December 12 at 1200 GMT and a poll comprising of over 30 economists see it moving past October's inflation rate of 3.58% to 4.20% in the month of November.
Heavy rains in the month of November damaged perishable vegetable and fruit crops in abundance which was witnessed in huge price rise in prices for tomato, onion and other perishable commodities.
Economist included in the poll said the higher rate of inflation is unlikely to result in any change in key rates by the central bank.
Other factors driving the inflationary trend include increased HRA for government sector workforce, heightened raw material cost on account of GST and soaring price of crude oil.
