Page 15 - Policy Economic Report - December 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Inflation in India

• Year-on-year inflation rate based on All India Consumer Price Index (CPI) for the month of
November, 2024 over November, 2023 is 5.48% (Provisional). Corresponding inflation rates for
rural and urban are 5.95% and 4.83%, respectively.

Figure 11: Year-on-year inflation rate based on CPI

Source- MoSPI

• Year-on-year inflation rate based on All India Consumer Food Price Index (CFPI) for the month of
November, 2024 over November, 2023 is 9.04% (Provisional). Corresponding inflation rate for
rural and urban are 9.10% and 8.74%, respectively.

• It can be observed that after December 2023, inflation rate for both CPI(General) and CFPI were
declining, reaching their lowest point in July 2024. However, from August, 2024 to October. 2024,
an increasing trend was observed. Thereafter, in November, 2024 inflation is again declined. The
decline in inflation in November 2024 is mainly due to decline in inflation in “food & beverages”
group.

• Year-on-year Housing inflation rate for the month of November, 2024 is 2.87%. Corresponding
inflation rate for the month of October, 2024 was 2.81%. The housing index is compiled for urban
sector only.

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