India's inflation rate, based on the Consumer Price Index (CPI), moderated to 5.48% in November, down from 6.21% in October, according to the Ministry of Statistics and Programme Implementation. This easing, however, is still above the Reserve Bank of India's (RBI) target of 4%, with food prices continuing to drive inflationary pressure. The food inflation rate surged by 9.04%, continuing its trend of high costs.

Economists had forecast a median inflation estimate of 5.5% for November, and the actual figure aligns closely with this prediction. Specific food items, such as garlic (85.14%), potatoes (66.65%), cauliflower (47.7%), cabbage (43.58%), and coconut oil (42.13%), recorded the highest inflation rates year-on-year.

The inflation rates for cereals, meat, fish, and eggs all saw notable increases, while dairy prices remained relatively stable, with a slight decline in the inflation rate for milk and milk products. Housing and clothing inflation also showed minor increases. Despite the moderation in CPI, inflation remains significantly higher than the RBI's targeted 4% mark, with a tolerance level of 2% on either side.

This marks the third consecutive month of CPI inflation surpassing the RBI’s target, signaling continued economic challenges related to food prices and overall price pressures in the economy.