India’s inflation rate 5.6% higher than most other nations: Bank of Baroda

Inflation in India at 5.6 per cent for November is higher than most other nations, the Bank of Baroda mentioned in a report.

According to the report, the inflation in India is more likely to stay excessive even in December because of higher meals costs however the consolation is the secure core inflation numbers for the previous few months which is extra vulnerable to demand aspect forces and, in flip, will be managed by financial coverage. However, meals inflation is pushed extra by provide aspect pressures the place shortfalls in manufacturing do manifest in higher costs.

Compared to most other international locations, inflation in India is does look like on the higher aspect at 5.6 per cent excluding Argentina and Turkey because of their excessive inflation numbers of 143 per cent and 62 per cent, respectively, the report notes.

Russia and South Africa have higher inflation rate of 7.5 per cent and 5.9 per cent, respectively, forward of India.

India is adopted by Australia with an inflation rate of 5.4 per cent, Singapore and Brazil – 4.7 per cent, UK – 4.6 per cent, Mexico – 4.3 per cent, Japan and South Korea – 3.3 per cent, Canada and the US – 3.3 per cent, Indonesia – 2.9 per cent, Euro Area – 2.4 per cent, Saudi Arabia – 1.6 per cent, Switzerland – 1.4 per cent and China – minus 0.5 per cent, Bank of Baroda mentioned.

“It needs to be identified that inflation in India has been risky as it’s pushed by meals costs and therefore proven differing tendencies each month,” the report notes.

(With inputs from IANS)