Retail Inflation May Increase To 5.8% In November: This Was Due To High Prices Of Vegetables And Grains, Which Was 4.87% In October.
Retail inflation in Indian markets may increase to 5.8 percent in the month of November. The main reason for the increase in retail inflation rate in Indian markets is said to be the high prices of vegetables and grains. Let us tell you that in the month of October the inflation rate of the Indian retail market was 4.87 percent.
High Prices Of Vegetables And Grains In November
There was every possibility that the retail inflation rate of Indian domestic markets would suddenly increase to 5.8% in the month of November after a huge decline for three consecutive months. The most important reason for the increase in the retail inflation rate in the Indian domestic markets is being said to be the continuously increasing high prices of domestic vegetables and grains.
The Government of India is going to release official data regarding India’s retail inflation rate on Tuesday, December 12 at 5:30 pm. India’s retail inflation rate for the month of October was released at 4.87%.
According to the latest data released by the Department of Consumer Affairs, Government of India, onion prices increased by 58% month-on-month (MoM) in November, while tomato prices increased by 35% month-on-month (MoM). Also, the maximum increase of 2% in potato prices was recorded in the month of November.
The Reserve Bank of India (RBI) had recorded a range of 2%-6% regarding the rising inflation rate. Given all ideal conditions, the Reserve Bank of India (RBI) wants India’s retail inflation rate to remain at 4%. In the monetary policy meeting held recently, the Reserve Bank of India (RBI) had maintained the overall estimate of retail inflation rate for the financial year 2024 (FY24) at 5.40%.
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Retail inflation rate so far this year 2023 –
| Monthly | Retail Inflation Rate |
| January | 6.52% |
| February | 6.44% |
| March | 5.66% |
| April | 4.70% |
| May | 4.25% |
| June | 4.81% |
| July | 7.44% |
| August | 6.83% |
| September | 5.02% |
| October | 4.87% |
What Became Expensive And What Became Cheap In This Year 2023 –
| Goods | September | October |
| Cereals | 10.95% | 10.65% |
| Meat and Fish | 4.11% | 3.27% |
| Milk | 6.89% | 6.44% |
| Edible Oil | -14.04% | -13.73% |
| Fruit | 7.30% | 9.34% |
| Vegetable | 3.39% | 2.70% |
| Pulses | 16.38% | 18.79% |
| Spices | 23.06% | 22.76% |
| Soft Drinks | 3.54% | 3.47% |
| Betel, Tobacco | 3.88% | 3.87% |
| Clothing, Footwear | 4.61% | 4.31% |
| Fuel & Light | – 0.11% | – 0.39% |
How does rising inflation affect the public?
The increasing inflation rate is most directly related to purchasing power. The simplest example of this is that if India’s retail inflation rate remains at 6%, then every Rs 100 you earn will be worth only Rs 94. Due to which investors should make their investments carefully keeping in mind the retail inflation rate in India. Otherwise the value of investors’ money reduces due to inflation.
Know how India’s retail inflation rate increases and decreases?
The rise and fall of India’s retail inflation rate depends most on the public demand for any product and the supply of that product. If people earn more money then people will buy more things at the same price. Due to which, by purchasing more things, the demand for those products increases the most in the Indian retail market and as the demand increases, if there is no supply of those products, inflation increases due to increase in the prices of the products.
Similarly, the Indian retail market also easily falls prey to rising inflation rates. To put it plainly, the biggest inflow of money in the Indian retail market or rather the supply shortage of products has been becoming the most important reason for the increase in inflation rate for years. On the other hand, if the demand and supply of products decreases and the supply increases, then the inflation rate in the Indian retail market decreases.
The estimated rate of overall inflation of the Indian retail market is determined from CPI –
As an Indian customer, if you and we have to buy daily goods from the Indian retail market. The function of showing changes in the prices of everyday goods is done by the Consumer Price Index (CPI) in India. The average price you and I pay to retailers for everyday household goods and services is called the Consumer Price Index (CPI) Measures the same average.
Indian retail markets include crude oil, increased commodity prices, manufactured cost of products along with many other important factors which play the most important role in determining the rate of inflation in the Indian retail market. There are approximately three hundred products in the Indian retail market, based on their manufactured cost, India’s retail inflation rate is decided by CPI.
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