More Stories

Informist, Friday, Dec. 12, 2025

 

Please click here to read all liners published on this story

--India Nov CPI inflation 0.71% 
--India Nov CPI inflation 0.71% vs 0.25% Oct 
--Informist poll estimated India Nov CPI inflation at 0.7% 
--India Nov CPI food inflation -3.91% vs -5.02% Oct 
--India Nov CPI rural inflation 0.10% vs -0.25% Oct 
--India Nov CPI urban inflation 1.40% vs 0.88% Oct 
--India Nov CPI general index up 0.3% on month 
--India Nov CPI food price index up 0.6% on month 
--India Nov CPI cereals and products index up 0.1% on month 
--India Nov CPI vegetable index up 2.6% on month 
--India Nov CPI pulses and products index up 0.1% on month 
--India Nov CPI oils and fats index flat on month 
--India Nov CPI food, beverage index up 0.5% on month 
--India Nov CPI housing index up 0.2% on month 
--India Nov CPI clothing, footwear index up 0.1% on month 
--India Nov CPI fuel and light index up 0.2% on month 
--India Nov CPI miscellaneous index up 0.2% on month 
--India Nov CPI core inflation 4.4% vs 4.4% Oct
 

 

NEW DELHI – India's headline CPI inflation rose to 0.71% in November from a record low of 0.25% in October as the favourable base effect faded and food prices increased, data released by the statistics ministry Friday showed. Food inflation rose to (-)3.91% last month from the record low of (-)5.02% in October.

 

At 0.71%, CPI inflation in November was in line with the consensus estimate. According to an Informist poll, headline inflation was seen at 0.7% in November. CPI inflation was 5.48% in November 2024.

 

Despite the rise, November is just the second month in the current CPI series, which has data since 2014, when retail inflation was under 1%. This was the tenth consecutive month when CPI inflation stayed below the Reserve Bank of India's medium-term target of 4%. This was also the fourth time in five months when inflation has been below the lower end of the RBI's target range of 2-6%.

 

The general index rose 0.3% month-on-month in November, the highest sequential rise in three months. This rise was led by higher food prices last month with food price index up 0.6% on month from October. Within food, vegetable prices rose 2.6% on month in November while cereals and pulses were up 0.1% from October.

 

Core inflation--or inflation excluding food and fuel items--was 4.4% in November, the same as October. At 4.4%, core inflation is joint-highest in over two years. Rural inflation rose to 0.10% in November from (-)0.25% in October. Urban inflation, too, increased last month to 1.40% from 0.88% in October.

 

Low inflation in 2025-26 (Apr-Mar) has allowed the RBI's Monetary Policy Committee to lower interest rates by 125 basis points in 2025, including a 25-bps cut last week. The RBI also lowered its headline inflation forecast for the ongoing December quarter by 120 bps to 0.6% and reduced the full-year projection for FY26 by 60 bps to 2.0%. 

 

Most economists expect the MPC to leave interest rates unchanged in February, but some see scope for further easing as inflation is seen staying below 4% for the next few months and growth is estimated to moderate in the second half of FY26.

 

"The November data confirms that headline inflation in India has bottomed out. But, we think the rise back up to the Reserve Bank of India's 4% target will be a gradual one," Shilan Shah, deputy chief emerging markets economist at Capital Economics, said in a note. "That leaves scope for the central bank to deliver another 25-basis-point cut to the repo rate in February to 5.00% and then leave policy accommodative throughout next year." 

 

According to Paras Jasrai, associate director, India Ratings and Research, the deflationary trend in food items has continued in December as well. "Thus, with continuation of benign food prices, we expect the retail inflation to be near 1% in December 2025."

 

The following table details sequential and annual changes in the main components of the CPI (Combined):

 

	Weight	Index for November	Month-on-month change (in %)	Year-on-year change (in %)
				November	October
Cereals and products	9.67	197.5	0.1%	0.10%	0.92%
Meat and fish	3.61	229.6	0.5%	2.50%	1.69%
Egg	0.43	209.0	5.2%	3.77%	1.33%
Milk and products	6.61	192.0	0.1%	2.45%	2.40%
Oils and fats	3.56	196.0	0.0%	7.87%	11.17%
Vegetables	6.04	216.9	2.6%	(-)22.20%	(-)27.57%
Pulses and products	2.38	181.9	0.1%	(-)15.86%	(-)16.15%
Sugar and confectionery	1.36	137.1	(-)0.1%	4.02%	4.02%
Spices	2.5	221.5	0.4%	(-)2.89%	(-)3.29%
Food and beverages	45.86	202.6	0.5%	(-)2.78%	(-)3.72%
Pan, tobacco and intoxicants	2.38	215.4	0.1%	2.96%	2.92%
Clothing and footwear	6.53	197.3	0.1%	1.49%	1.70%
Housing	10.07	188.4	0.2%	2.95%	2.96%
Fuel and light	6.84	180.7	0.2%	2.32%	1.98%
Miscellaneous	28.32	196.7	0.2%	5.64%	5.71%
General Index	100	197.9	0.3%	0.71%	0.25%
Consumer Food Price Index	39.06	201.6	0.5%	(-)3.91%	(-)5.02%

 

Source: Ministry of Statistics and Programme Implementation

 

End

 

Reported by Shubham Rana

Edited by Tanima Banerjee

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2025. All rights reserved.