In November 2024, the All India Consumer Price Index (CPI) year-on-year inflation rate, comparing November 2024 with November 2023, stood provisionally at 5.48%. For rural areas, the inflation was slightly higher at 5.95%, whereas the urban areas recorded a relatively lower inflation rate of 4.83%.
When looking specifically at food items, the Consumer Food Price Index (CFPI) showed a provisional year-on-year inflation rate of 9.04% for November 2024. Rural CFPI inflation was 9.10% and urban CFPI inflation was 8.74%. This food inflation trend had been on a trajectory of decline since December 2023, hitting its lowest point in July 2024 before showing an increasing trend from August 2024 to October 2024. The November 2024 data indicated a reversal of that rise, as inflation declined again, mainly attributed to the reduction in the “food & beverages” group inflation.
Housing Inflation and Other Components:
Year-on-year housing inflation in November 2024 was 2.87%, marginally higher than the 2.81% recorded in October 2024. It’s important to note that housing data is compiled only for the urban sector.
During November 2024, notable declines in inflation were observed for several commodity groups and items. Specifically, there was a significant decline in inflation for Vegetables, Pulses & Products, Sugar & Confectionery, Fruits, Eggs, Milk and products, Spices, Transport & Communication, and Personal Care & Effects.
Top Gainers and Losers in Terms of Inflation:
Among individual items, the top five showing the highest year-on-year inflation in November 2024 at the All India level were:
- Garlic: 85.14%
- Potato: 66.65%
- Cauliflower: 47.70%
- Cabbage: 43.58%
- Coconut oil: 42.13%
On the other end, items with the lowest year-on-year inflation (in fact, showing declines) included:
- Jeera: -35.04%
- Ginger: -16.96%
- LPG (excluding conveyance): -10.24%
- Dry chillies: -9.73%
All India Inflation Rates (Point-to-Point Comparison):
Comparing November 2024 over November 2023, the CPI (General) inflation was 5.95% for rural, 4.83% for urban, and 5.48% combined. Similarly, the CFPI inflation rates were 9.10% for rural, 8.74% for urban, and 9.04% combined.
Indices for November 2024 vs. Past Months and Years:
- CPI (General) in November 2024 stood at 199.4 for Rural, 193.1 for Urban, and 196.5 for Combined.
- In October 2024, these indices were 199.5 (Rural), 193.7 (Urban), and 196.8 (Combined).
- A year ago, in November 2023, the CPI (General) stood at 188.2 for Rural, 184.2 for Urban, and 186.3 for Combined.
For the CFPI:
- In November 2024, CFPI was 207.4 (Rural), 214.0 (Urban), and 209.8 (Combined).
- In October 2024, CFPI was 208.2 (Rural), 216.3 (Urban), 211.1 (Combined).
- In November 2023, it was 190.1 (Rural), 196.8 (Urban), and 192.4 (Combined).
Monthly Changes (November 2024 over October 2024):
- The General CPI decreased by 0.05% in rural areas and 0.31% in urban areas, resulting in a combined decline of 0.15%.
- For CFPI, there was a 0.38% decrease in rural areas, a 1.06% decrease in urban areas, and a combined decrease of 0.62%.
These monthly changes highlight a slight easing in prices, particularly in food items.
Throughout 2024, inflation experienced periods of both deceleration and resurgence. After December 2023, inflation for both CPI(General) and CFPI showed a declining trend, bottoming out in July 2024. From August to October 2024, the numbers climbed again, only to ease in November 2024, demonstrating the dynamic and cyclical nature of price movements.
In essence, November 2024’s CPI data provides a comprehensive snapshot of price movements in India’s economy. With a headline CPI inflation rate at 5.48%, down from October’s 6.21%, and a CFPI inflation of 9.04%, the month’s figures indicate an easing of pressures particularly in the food and beverages segment. The meticulous data collection, high response rates, and broad coverage of commodities and geographic areas ensure that this statistical report offers detailed insights into the inflationary environment, guiding policymakers, economists, and the public alike.
| Month-Year | CPI (General) | CFPI |
|---|---|---|
| Nov-23 | 5.55% | 8.70% |
| Dec-23 | 5.69% | 9.53% |
| Jan-24 | 5.10% | 8.33% |
| Feb-24 | 4.85% | 8.52% |
| Mar-24 | 4.83% | 8.66% |
| Apr-24 | 4.80% | 8.87% |
| May-24 | 5.08% | 9.36% |
| Jun-24 | 3.60% | 5.42% |
| Jul-24 | 3.65% | 3.54% |
| Aug-24 | 5.49% | 5.66% |
| Sep-24 | 6.21% | 9.24% |
| Oct-24 | 6.21% | 10.87% |
| Nov-24 | 5.48% | 9.04% |