India's retail inflation eases to 4.44 percent in February
India's retail inflation eases to 4.44 percent in February
India's slowing inflation a temporary reprieve for Asia's worst bond market
12 March, 2018, 19:32
As manufacturing picked up pace, India's factory production growth in January at 7.5 per cent doubled over the 3.5 recorded in the same month past year, even as retail inflation eased in February, official data showed on Monday. Inflation stood at 5.2% in December, 2017 and 5.07% in January.
The Index of Industrial Production (IIP) had grown at 7.1 percent in December 2017, according to the data released by the Central Statistics Office (CSO) today.
Amongst use-based industries, sectors including capital goods (14.6 per cent), consumer durables (8 per cent) and non-durables (10.5 per cent) showed healthy expansion in January, in an indication that both investments by companies and retail demand are coming back on track. Consumer price inflation (CPI) was at 5.07% in January.
The industrial output had increased 7.1% in December 2017 compared to the output in December 2016.
The deceleration in CPI inflation will nudge the Reserve Bank of India (RBI) to hold off on hiking key repo rates as it sounded hawkish at the Monetary Policy Committee (MPC) meeting last month.
In February 2017, however, it was 3.65 per cent.
India's annual consumer price inflation remained steady in September from the. The reduction in retail inflation has been seen due to cheaper food articles and lower cost for fuel.
The industry group "Manufacture of other transport equipment" has shown the highest positive growth of 33.1 percent followed by 27.8 percent in "Manufacture of furniture" and 26.6 percent in "Manufacture of motor vehicles, trailers and semi-trailers". In all 16 out of 23 industry groups in the manufacturing sector showed growth in January.
The mining sector, however, registered negligible growth of 0.1 per cent, as compared to 8.6 per cent rise in January past year. It had increased its inflation projection to 4.3-4.7% in H2FY18 as compared to its earlier projections of 4.2-4.6%. Inflation for the fuel and light category was at 6.80 per cent in February against 7.73 per cent in January.
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