Inflation rockets to five-year high

A sharp spurt in food and fuel prices pushed India's annual retail inflation in November over the RBI's median level of 4 per cent, even as factory output growth in October contracted to 2.2 per cent official data showed on Tuesday.

The infrastructure group said its performance in 2017 remains in line with board expectations.

He points out that school fees have risen 553 per cent over the last 25 years compared to 201 per cent for consumer prices and 217 per cent for wages.

Bank of England governor Mark Carney will have to write to the Chancellor as the inflation figure hits 3.1 per cent with sterling and oil continuing to hit push up prices.

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At its December 6 policy meeting, the RBI raised its inflation projection by 10 basis points to between 4.3 and 4.7 percent for the six months ending in March.

According to the data from the Ministry of Statistics & Programme Implementation, consumer price index (CPI) inflation in November rose to 4.88 per cent from 3.58 per cent reported for October.

The ONS said the cost of air fares, fuel and computer games were the main drivers of the increase.

The BoE is widely expected to keep rates unchanged at 0.5 percent on Thursday.

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The ONS said that although airfares fell in November - down 10.4% - the decline was not as steep as a year ago when they tumbled 13.4%.

"The Bank of England had acknowledged there was a risk it would go higher, and also thought inflation would go to 3.2 percent last month". But some of the latest surveys suggest that service sector costs and prices are rising.

"Further interest rate rises are definitely not off the table", she said. The cumulative growth for the period April-October over the corresponding period of the previous year stood at 2.5 percent. That, in turn, could prompt the Bank of England to raise interest rates again next year - not ideal for the economy when it is struggling with the uncertainties of Brexit and real household incomes are falling as price rises outstrip wage increases.

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