New Delhi, Dec 12 (PTI) Retail inflation inched up to a three-month high of 5.55 per cent in November driven by higher food prices, according to official data released on Tuesday.

The retail inflation based on the Consumer Price Index (CPI) was at 4.87 per cent in October. Inflation had been declining since August when it touched 6.83 per cent.

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Retail inflation was 5.88 per cent in November last year.

The rate of price rise in the food basket was 8.7 per cent against 6.61 per cent in October and 4.67 per cent in November 2022, the National Statistical Office (NSO) data showed.

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The Reserve Bank of India has been tasked by the government to ensure retail inflation remains at 4 per cent with a margin of 2 per cent on either side.

In the monetary policy announced last week, the RBI projected the CPI inflation at 5.4 per cent for 2023-24, with a reading of 5.6 per cent in the third quarter and 5.2 per cent in the last quarter.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)