India Inc expects further improvement as IIP grows at 7.5%,
Mar 12 2018 by Johnny Bowman
Ministry of Statistics and Programme Implementation, has revised the Base Year of the Consumer Price Index (CPI) from 2010=100 to 2012=100 with effect from the release of indices for the month of January 2015. The RBI in its monetary policy review last month had estimated retail inflation at 5.1% for January-March 2018.
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Meanwhile, the Index of Industrial Production (IIP) growth in January 2018 jumped to 7.5% against the Bloomberg estimate of 6.4% and 7.1% in December 2017.
Production in the machine industry grew the most by 12.9 percent annually in January, followed by chemical industry with 9.0 percent spike. The decline was supported by a sharp moderation in vegetable inflation to 17% in February 2018 against 27% in January 2018 and a continuous dip in pulses and products inflation.
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Major indicators of CPI eased down in the February 2018 month, with food & beverages at 3.38%, pan, tobacco & intoxicants at 7.34%, clothing & footwear at 5%, housing at 8.28%, fuel & light at 6.68% and miscellaneous at 3.85%. While the manufacturing sector grew 8.7% in January, compared with 2.5% in the same month a year ago, capital goods grew 14.6% and consumer non-durables 10.5% in the month under review.
The inflation also declined for milk and products to 3.83%, prepared meals, snacks, candies etc. 4.47%, oils and fats 1.09% and non-alcoholic beverages 1.34%. The consumer durables sector saw growth accelerating sharply to 8% from 0.86% over the same period. Other categories - including hospital services and motor vehicle insurance - that fueled January's core inflation increase may also slow, Sharif said, forecasting a gain in the core index of 0.16 percent.
"This easing appears to have come largely on the back of a slowdown in the food price inflation on account of one-off seasonal factors", Richa Gupta, senior economist and senior director, Deloitte India said.