The RBI has projected CPI inflation to average 5.7% in Q3FY24. In the first two months of Q3, retail inflation has averaged 5.8%. Therefore, in December inflation will have to moderate further to 5.5% to match the RBI's estimate for the quarter, which is likely, according to many economists.
"Inflation inched down in November as a moderation in vegetable prices started to set in with the onset of the winter season," said Sakshi Gupta, principal economist, HDFC Bank. "However, within the food basket cereal and edible oil prices showed a sequential increase. We expect inflation to gradually inch lower towards 4.5% by the January-March quarter," she added.
Core inflation, meanwhile, stayed flat at 3.7% in November. This indicates that broader economic conditions are not inflationary as such, say economists. To be sure, core inflation, which excludes volatile components of food and fuel, has stayed below 4% for 12 consecutive months.
This story is from the December 13, 2024 edition of Financial Express Delhi.
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This story is from the December 13, 2024 edition of Financial Express Delhi.
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