The annual rate of inflation has risen, despite a surprise fall in clothing costs as retailers battle to sell winter ranges in mild weather. Within it, pulses and onions saw maximum increase of 58% and 53%, respectively. The rate of price rise in case of vegetables was 14.08 per cent during November.
Advertisement
The U.S. central bank is expected to lift its benchmark overnight interest rate from near zero at the end of the meeting on Wednesday, encouraged by tightening labor market conditions.
Data on consumer price index (CPI) released by the Central Statistics Office here, showed that the retail inflation for rural areas was much higher at 5.95% as against 4.71% in urban India.
Earlier within the evening, information on wholesale cost catalog confirmed that there is no respite however from increasing food costs, somewhat impulses, which pressed up the inflation rate-based with this group of data to (-)1.99 percentage for Nov, against (-)3.81 percentage for that month before.
Yet, the official pump price of petrol is N87 and figures provided showed that on the monthly average, Nigerians have continued to purchase petrol above the official rate in the period under review.
Inflation in the wholesale price index (WPI), updated quarterly, fell from 3.4 per cent y/y in June (its last update) to 2.6 per cent in September, as a slowdown in inflation in manufacturing was offset by inflationary gains in agriculture, livestock & fishing, and mining & quarrying. In October, CPI inflation was 5 percent. But strong growth in Britain’s economy means the BoE’s policymakers have been less anxious about persistent deflation than some of their euro-zone colleagues were earlier this year, though they are still some way from raising interest rates.
“All indices which contribute to the Headline index increased at a faster pace (month-on-month) in November with the exception being the Education division”.
United Kingdom inflation returned with a 0.1% rise in November compared to a year ago, after the previous month’s 0.1% decline. “Given the ongoing weakness in global food inflation, we expect upward pressures on local food inflation to be limited in the near-to-medium term”, the report said.
“The upside surprise in November WPI is largely concentrated in food”. The RBI is expected to keep rates on hold for now.
Advertisement
Howard Archer, chief United Kingdom economist at IHS Global Insight, said: “Prolonged essentially flat consumer prices have been great for consumers as it is provided a serious boost to their purchasing power”.
