November’s core CPI, excluding food and energy, was up 2.0% from the November 2014 reading, and it was up 1.9% on an annualized basis in October, versus the same a month a year earlier.
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Annual consumer price inflation in India accelerated to 5.41 per cent in November, picking up pace for the fourth straight month, government data showed on Monday. The indexes for shelter, medical care, airline fares, new vehicles and tobacco rose, while recreation, apparel, household furnishings and used cars and trucks all declined. Those figures were, however, offset by falling gasoline prices, leaving the overall CPI unchanged last month after the 0.2% increase in October.
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The Fed’s preferred inflation gauge, the index of personal consumption expenditures, has not hit the central bank’s 2 per cent target in three and a half years.
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Policy makers are expected to raise interest rates during its two-day meeting Tuesday and Wednesday.
Capital Economics expects inflation to average around 1% next year so the Bank of England’s Monetary Policy Committee will be in no rush to raise interest rates.
CPIH (not a National Statistic) grew by 0.4% in the year to November 2015, up from 0.2% in October 2015.
Economists surveyed by the Wall Street Journal expected no change to consumer prices in November, and core prices to rise 0.2 per cent.
He added: “This is clearly good news for consumers in two respects – low prices boost spending power and the dovish outlook for inflation takes pressure off the Bank of England from hiking interest rates any time soon”.
In November, energy prices fell 1.3%, with gasoline prices dropping 2.4% after rising 0.4% in October.
Persistent low inflation worries the Federal Reserve, which is still blaming it on “temporary” factors, such as the global drop in energy prices and the strength of the US dollar against other currencies.
Every major grocery store food group index, except fruits and vegetables, fell last month. The General Indices (Provisional) for the month of November 2015 for Rural, Urban and Combined are 128.3, 124.6 and 126.6 respectively.
But, underpinning the stronger gains in core inflation, rents increased 0.2 percent and medical care 0.4 percent.
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“Once this happens, those low unemployment rates will start to put upward pressure on wages, and higher inflation levels will start to follow”.
