India's annual retail inflation eased below its central bank's upper tolerance level for the first time this year in November amid a softer rise in food prices, surprising economists, with some expecting a pause in rate hikes.
People shop for an air conditioner inside an electronics store in Mumbai, India, May 19, 2022. Picture taken May 19, 2022. REUTERS/Francis MascarenhasNov core CPI 6%-6.26% vs 5.9%-6.3% in Octeased below its central bank's upper tolerance level for the first time this year in November amid a softer rise in food prices, surprising economists, with some expecting a pause in rate hikes.
"Favourable base effect and seasonal correction in food prices drove the November CPI inflation to a 10-month low," Elara Capital's Garima Kapoor said. "The current trend suggests that the RBI would be in the pause mode during the next monetary policy decision," said Sujan Hajra, economist at Anand Rathi, a financial services firm.for October, its worst performance in 26 months, after revised growth of 3.5% in September, due to rising interest rates and slowing global demand.
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