Inflation seen slowing to 5.8pc-6.8pc in November: report

Inflation is expected to slow to 5.8-6.8 per cent in November, and then further to 5.6-6.5pc in December, the finance ministry said in its monthly economic report on Wednesday. The government slashed interest rates by 250 basis points earlier in November in a bid to revive a sluggish economy amid a big drop in the rate of inflation. Inflation clocked in at 7.2pc in October, a sharp drop from a multi-decade high of nearly 40pc in May 2023. The report said that the consumer price index stood at 8.7pc from July-October against 28.5pc recorded in the same period last year. Meanwhile, year-on-year (YoY) Inflation was recorded at 7.2pc in October 2024, compared to 6.9pc in the previous month and significantly lower than 26.8pc recorded in October 2023.