Retail inflation spiked to a more than three-year high of 5.54 per cent in November due to costlier food products like vegetables, pulses and protein-rich items.
It was 7.89% in October and (-) 2.61% in November past year.
Economists had forecast the CPI climbing 0.2% in November and rising 2.0% on a year-on-year basis. "We expect inflation to remain elevated for the next 2-3 months on 1) higher food prices, 2) unfavourable base effects and 3) increased telecom tariffs effective from December which will add to the upside in core inflation", said ANZ.
"Muted gains in clothing and drug prices, and a decline in new vehicle prices, meant that overall core goods prices were flat on the month".
In the 12 months through November, the core CPI increased 2.3% after a similar gain in October.
Nonetheless, as recently as October, the rate of increase for the United States central bank's preferred inflation gauge, the price deflator for core personal consumption expenditures, stood at just 1.6% year-on-year - having run below its target level of 2.0% for roughly seven years.
Stagflation - a combination of slow economic growth with rising inflation - was cautioned by former Prime Minister and economist Manmohan Singh who has said that India must watch out for increased risks of such an event occurring. The index fell by 0.2 percent in the month and is down 0.2 percent for the year. Wholesale food prices increased 1.1% after vaulting 1.3% in October.
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The US$2t value was considered too high for many worldwide investors, particularly as global oil prices are under pressure from rising production in other countries, especially the United States, and amid a global push toward renewable energy.
Yields on US Treasury securities fell in afternoon trading, with the 10-year note last yielding 1.79 percent.
The Federal Reserve follows the consumer-price index for clues about the trajectory of inflation, though the central bank's inflation target of 2% is tied to a separate measure, the Commerce Department's price index for personal-consumption expenditures.
Saudi Aramco shares surged to 35.2 riyals (9.39 US dollars), an increase of 10 percent on the daily limit, after its initial public offering (IPO) on Wednesday. The cost of other commodities have also climbed as the global economy shows more vigor.
"The prevailing message out of today's meeting is that the Fed remains on hold, barring any material upside surprises for inflation", Pride said.
Prescription drug prices fell 0.1 percent for the month and are up 0.5 percent over the previous year. The cost of hospital outpatient care dropped 1.1% last month after vaulting 1.5% in October.