Retail inflation climbs to 2.57%, factory output decelerates to 1.7%
14 March, 2019, 16:37
As per an official statement Consumer inflation for January was revised downwards to 1.97 per cent, also its lowest level in 19 months, from 2.05 per cent.
While the consumer price inflation rate has been ruling well below the Reserve Bank of India's medium-term inflation target for some months now, the spurt in inflation rate opens up the possibility of the RBI scrutiny before its next monetary policy meeting.
Driven by higher food prices, the retail inflation rose to four-month high of 2.57 per cent in February, according to latest report on the inflation rate.
Analysts, on an average, expect CPI inflation to be about 2.37 percent in February as compared to 2.05 percent in January. Core inflation, has been at or above 2% for a year now.
Energy prices rose 0.4 per cent, the first increase in four months, as gasoline prices advanced 1.5 per cent. Food costs gained 0.4 per cent, the biggest increase since 2014. Owners-equivalent rent, one of the categories created to track rental prices, rose 0.3 percent, as did rent of primary residence.
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Additionally, among the six use-based classification groups, the output of primary goods, which has the highest weightage of 34.04, rose by just 1.4 per cent. But still, 2.57 percent far lesser than the 5.07 per cent recorded in the same month a year ago. The CPI increased 1.6 percent on a year-on-year basis in January. The CPI had been unchanged for three straight months.
Expenses for medical care fell 0.2 per cent, the biggest decline since 2013; these readings often vary from results for this category within the Fed's preferred measure of inflation due to different methodologies.
In a wide-ranging interview with CBS's 60 Minutes television news programme, Fed chair Jerome Powell on Sunday reiterated the central bank's wait-and-see approach to further monetary policy tightening in 2019. Food consumed at home rose 0.4 per cent last month, boosted by more expensive dairy products, fresh vegetables, cereals and meat. A decline in core goods prices (-0.2% m/m) was the culprit behind the softness in core inflation. Inflation expectations held by the public one year and three years from now fell, both to readings of 2.8% from 3% in January, the bank said Monday.
Prices for new motor vehicles, used cars and trucks, as well as recreation fell. This article is strictly for informational purposes only.
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