RTTNews | Dec 13, 2021 11:08AM EST

11:07 Monday, December 13, 2021 (RTTNews.com) - India's inflation accelerated again in November, driven by steep increases in food and fuel prices, preliminary data from the statistics ministry showed Monday.

The consumer price index rose 4.91 percent year-on-year following a 4.48 percent increase in the previous month. Economists had forecast 5.10 inflation. A year ago, inflation was 6.93 percent.

The food price inflation accelerated to 1.87 percent from 0.85 percent.

Compared to the previous month, the CPI rose 0.73 percent in November and the food price index climbed 1.32 percent.

Prices of food and beverages rose 2.60 percent annually and those of fuel and light grew 13.35 percent. Housing costs climbed 3.66 percent and prices of clothing and footwear increased 7.94 percent.

The Reserve Bank of India expects price pressures to persist in the immediate term. Following the policy session on December 8, RBI Governor Shaktikanta Das said inflation prints are likely to be somewhat higher as base effects turn adverse.

Headline inflation is forecast to peak in the March quarter of 2022 and soften thereafter. The central bank maintained its inflation outlook at 5.3 percent for the fiscal year 2021-22.

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