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IIP quickens to 7.5%, inflation softens
12 March 2018, 07:19 | Cesar Cruz
An Indian man works at a cycle spare parts factory in Ludhiana
| Money Sharma AFP
The cumulative CPI inflation was lower at 3.52% in April-December FY2018 compared with 4.58% in April-December FY2017. The Consumer Price Index inflation, which measures the change in retail prices, had fallen to 5.07% in January.
RBI in this policy stated that the December bi-monthly resolution projected inflation in the range of 4.3-4.7% in the second half of 2017-18, including the impact of increase in HRA.
In February 2017, however, it was 3.65 percent.
In a sustained improvement in economic conditions, retail inflation in February eased as food prices softened, while industrial production soared in January.
Retail inflation, as measured by the Consumer Price Index (CPI), eased to 4.4% in February, following two months of figures above 5%.
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.
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In January, manufacturing grew by a robust 8.7 per cent, followed by 7.6 per cent increase in electricity generation.
In line with the recent trend of recovery in manufacturing, the sector, which constitutes 77.63 per cent of the index, grew by 8.7 per cent during January, as compared to 2.5 per cent in the same month a year ago.
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%.
Inflation in pulses and spices witnessed fall in price rise. It was 4.88 percent in November past year.
Interms of industries, sixteen out of the twenty-three industry groups in the manufacturing sector have shown positive growth during the month of January 2018 as compared to the corresponding month of the previous year.
"When it comes to consumer inflation, 4.4% in February may be lower than January, the undercurrent remains biased on the upside, making RBI disinclined towards any rate cut, though the industry would like it to happen", it said in a statement.
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