Measures taken by government eased inflation to 11-month low of 5.88%: Government – Times of India

NEW DELHI: Finance ministry on Monday said that steps taken by the government has helped in bringing down the inflation to the RBI‘s tolerance level of below 6 per cent.
The ministry also expressed confidence that prices of cereals, pulses and edible oils will soften further in the coming months.
The headline inflation rate based on the retail Consumer Price Index (CPI) recorded a drop from 6.77 per cent in October to 5.88 per cent in November, which is an 11-month low, the finance ministry said in a series of tweets.
The drastic decline in retail inflation is mainly due to a sharp decrease in food price inflation, it said.
“The measures taken by the government to contain food prices helped to bring inflation below the RBI tolerance limit of 6 per cent,” a tweet said.
“To soften the prices of cereals, pulses and edible oils, appropriate trade-related measures have been undertaken. The impact of these measures is expected to be felt more significantly in the coming months,” another tweet said.
Consumer Food Price Inflation moderated significantly in November 2022, to 4.67 per cent, which is way lower than 7.01 per cent recorded in October 2022, it said.
The absolute decline in prices of vegetables, oils & fats, and sugar and confectionery contributed significantly to the reduction in food price inflation, it added.
The retail inflation based on Consumer Price Index (CPI) has remained above 6 per cent since January 2022. The six-member MPC headed by Governor Shaktikanta Das factors in retail inflation while deciding the bi-monthly monetary policy.
Since May, the RBI has raised the short-term lending rate (repo) by 2.25 basis points, taking it to 6.25 per cent.

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