Tuesday, 24 October, 2017

CPI rises 3.28% in September; August IIP jumps 4.3%

The Consumer Price Index or retail inflation stood at 4.39 per cent in September 2016. PTI file The Consumer Price Index or retail inflation stood at 4.39 per cent in September 2016. PTI file
Preston Stone | 13 October, 2017, 00:34

However, experts are doubtful whether the uptick would sustain in September.

A Reuters poll of economists which had projected inflation at 3.60 per cent. Also, given the somewhat unfavourable base effect, the IIP growth is expected to ease in September 2017 relative to print of 5% in September 2016, she said.

The International Monetary Fund (IMF) on Tuesday also cut its growth forecast for the Indian economy by half a percentage point to 6.7% for 2017-18, blaming the lingering disruptions caused by demonetisation of high value currencies a year ago and the roll out of the GST.

The August mining sector output is at 9.4 per cent against 4.8 per cent in July, while the manufacturing sector output is at 3.1 per cent, against 0.1 per cent in July. Moreover, mining and electricity sectors recorded healthy performances on the back of coal and thermal electricity.

Trump pulls United States out of UNESCO, citing anti-Israel bias
It notes that the official notification of this was given by UNESCO Director-General from Secretary of State Rex Tillerson. Commenting on the move, Israel's Prime Minister Benjamin Netanyahu hailed it as "a courageous and moral decision".

In terms of industries, 10 out of 23 industry groups in the manufacturing sector showed positive growth during August 2017. The cumulative growth for the period April-August 2017 over the corresponding period of the previous year stands at 2.2 percent.

Meanwhile, the July IIP number was revised to 0.94 per cent from 1.2 per cent provisional estimates released last month. Morgan Stanley expects CPI inflation to rise further to 3.8%, inching closer to Reserve bank of India's (RBI) inflation target of 4%, while WPI inflation may inch up to 3.4% in September from 3.2% in August, largely driven by higher oil prices.

Food price inflation that measures kitchen costs, remained soft at 1.76 per cent. Vegetables prices grew at 3.92 per cent in September as compared to 6.1 per cent in August.

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