In November 2022, India’s manufacturing output, as measured by the Index of Industrial Production (IIP), increased by 7.1%

Retail inflation in India, as measured by the Consumer Price Index (CPI), fell to a one-year low of 5.72 percent in December, down from 5.88 percent in November, according to statistics issued on Thursday by the Ministry of Statistics & Programme Implementation (MoSPI). The decline is attributed primarily to declining food prices.

In November 2022, India’s industrial output, as measured by the Index of Industrial Production (IIP), climbed to a five-month high of 7.1%, compared to a decrease of (-)4% in October. The previous peak was achieved in June 2022 at 12.6%.

During the month under review, mining output increased by 9.7 percent and power generation increased by 12.7 percent. In November 2022, the rise in power generation was 12.7%, compared to 2.1% in the same month the year prior.

According to the use-based classification, the capital goods segment grew 20,7% in November, compared to a decline of 2.6% in the same month of the previous fiscal year, as reported by PTI.

The retail price index reached its lowest level since December 2021 last month. The CPI fell below the upper 6 percent limit of the Reserve Bank of India (RBI) for the first time in 2022.

The government has instructed the central bank to maintain retail inflation at 4%, plus or minus 2%, for a period of five years ending in March 2026.