"If you go to market, you will realise that the vegetable prices are indeed very high.that is the chief reason for the spike in inflation".
Higher energy prices last month saw the cost of living in the United States accelerate last month to a one-year high.
In a separate report on Tuesday, the Atlanta Fed said its sticky-price consumer price index (CPI), a weighted basket of items that change price relatively slowly, rose 2.6% on an annualized basis in November after increasing 3.3% in October.
Prices for new cars and trucks fell for the fifth month in a row. Over the previous year, the overall CPI is up 2.1 percent, while the core index is up 2.3 percent.
The shares' 10 per cent rally brought state-owned Aramco's value to US$1.88 trillion ($2.8t). The annual rate of core price growth was unchanged at 2.3 percent.
Domestic passenger vehicle sales fell in November for the 13th consecutive month with no sign of an immediate recovery.
The Consumer durables and Consumer non-durables have recorded growth of (-) 18.0 percent and (-) 1.1 percent respectively.
He added, "In that environment, we expect the Fed to remain on the side-lines for a lot longer than today's FOMC meeting". "I can not wait to see the faces of people who missed that opportunity and how they will be chewing their thumbs", the minister said, calling those who invested "friends and family" set to benefit from any future rise in its value.
The Fed tracks the core private consumption expenditures (PCE) worth index for its 2.0% inflation target, which is lagging different inflation measures.
"Although unseasonal rain leading to destruction of some crops, especially onion, may have something to do with this perk up in retail inflation, India Ratings and Research (Ind-Ra) had been highlighting even in the past that food inflation may soon emerge as a cause of worry", said Sinha. The PPI gained 1.1% in the 12 months through November, matching October's rise, which was the smallest increase since October 2016. "If inflation continues to rise further then RBI may continue to maintain a pause at the February policy", he said. Core goods prices increased 0.2%.
Prescription drug prices fell 0.1 percent for the month and are up 0.5 percent over the past year.
Earlier this month, Tadawul introduced an index weighting cap of 15 per cent to address concerns about the potential impact of Aramco's flotation and limit the index's correlation to the oil price. Higher costs of housing, especially rent, and medical care have contributed. In the meantime, fuel inflation declined for the fifth straight month.
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