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ICICI Direct Report
Consumer Price Index inflation for November 2021 rose to 4.9% compared to 4.5% in October 2021. Higher inflation was largely due to higher food inflation, largely attributable to a sequential rise in vegetable prices along with unfavorable base in food inflation, particularly vegetable prices.
Food inflation represented by Consumer Food Price Index rose to 1.9% in November versus 0.9% in October, largely attributable to the base turning unfavorable and lower de-growth in vegetables.
Overall major contributors remain oil and fats, fruits, sugar and now cereals as well. Effectively in the last few months, extremely favorable base effect of food inflation led to lower food inflation in 2021.
Last year, CFPI declined 2.7% and 2.1% month-on-month in December 2020 and January 2021, respectively, led by consecutive 15% month-on-month decline in vegetables.
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