DHAKA (Reuters) - Bangladesh's annual inflation rate in November climbed to 11.58 percent from 11.42 percent a month ago, hurt by an increase in oil prices. Food inflation edged down to 12.47 percent in November from 12.82 percent in October, while non-food inflation accelerated to 10.16 percent from 9.05 percent, the Bureau of Statistics said on Monday. Annual inflation rate in October slowed from 11.97 percent in September, the first fall since June. The government, under pressure from the massive subsidy saddle, raised oil prices for the third time last month since May. There are also plans to raise heavily-subsidised electricity tariffs for general consumers, a move that will likely add to already high inflation. Price pressures are a major concern for the government as more than a third of the country's 160 million people live on wages less than $1.25 a day. Inflation in urban areas rose even faster than the national average, hitting 12.11 percent in November on a 14.04 percent surge in food prices and 9.47 percent advance in non-food prices. In contrast, inflation in rural areas hit 11.37 per cent, with an 11.80 percent rise in food prices and a 10.46 per cent rise in non-food prices. Food prices have rocketed in recent months -- despite record crops and ample stock at government inventories -- with analysts blaming inefficient markets and hoarding. The government's borrowing from the banking system exceeded full-year target in less than five months, which analysts fear will dampen economic activity and jeopardise growth target of 6.7 percent this fiscal year. Inflation in the 2010/11 fiscal year through June hit 8.80 percent, exceeding its revised target of 8.5 percent on the back of surging food prices.The government aims to keep inflation within 7.50 percent as targeted for the current fiscal year. Persistent inflation prompted the central bank to raise its key interest rates by half a percentage point in September, its fourth hike since March, following an earlier reserve increase and a 1 percentage point rise in official rates in August 2010.