Retail inflation showed signs of easing in November, led by easing prices of some food items.
Consumer Price Index inflation stood at 6.93% in November 2020 compared to 7.61% in October, according to data released by the Ministry of Statistics and Program Implementation on Monday. The rise in prices in October had been the sharpest since May 2014. Inflation in food and beverages dropped to 8.76% in November, compared to 10.16% in the previous month.
A Bloomberg poll of economists had estimated inflation at 7.2% for November 2020.
At the current level, inflation remains above the Monetary Policy Committee’s target of 4 (+/-2)%. The committee, however, has guided towards an accommodative policy stance into next financial year as it looks to support growth.