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Retail inflation hits 5-month high of 3.36%

Wednesday, September 13, 2017

Retail inflation rose to a five- month high of 3.36% in August due to costlier vegetables and fruits. The consumer price index (CPI) based inflation stood at 2.36% in the previous month.

The August inflation number is the highest since March 2017, when it was recorded at 3.89%. Overall food inflation in August also moved up, reversing the deflationary trend, to 1.52%, government data showed yesterday.

Daily consumables like fruits and vegetables turned costlier during the month with inflation print coming at 5.29% and 6.16%, respectively as against 2.83% and (-)3.57% in July, according to the data released by the Central Statistics Office (CSO).

Likewise, prepared meals, snacks and sweets as a category turned dearer with the rate of price rise at 1.96% from 0.43% in July.

Manufacturing drags down IIP growth to 1.2% in July
Industrial production grew a meagre 1.2% in July from 4.5% a year ago, bearing the brunt of a dismal show of the manufacturing sector -- especially that of capital goods -- putting pressure on RBI to lower rates further.

Factory output measured in terms of index of industrial production had declined by 0.2% in June, according to revised estimates released by the Central Statistics Office (CSO) yesterday. During April-July, IIP grew by 1.7%, down from 6.5% in the same period last year. Growth of the manufacturing sector, which makes up 77.6% of the index, decelerated sharply to 0.1% in July compared to 5.3% in the same period of 2016.

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