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News Worms


Industrial growth at 9-mth high;inflation stays flat at 3.28pc

Industrial growth at 9-mth high;inflation stays flat at 3.28pc

According to official data, India's retail inflation had swelled to a five-month high of 3.36% in August on costlier vegetables and fruits.

On a sequential basis, the country's Consumer Food Price Index (CFPI) dropped to 1.25 per cent during the month under review when compared to 1.52 per cent in August 2017.

The Consumer Price Index (CPI) inflation for September 2017 came in at better-than-expected 3.28 per cent, the same level as previous month.

The YoY CPI dropped to 3.44 per cent in urban areas and 3.15 per cent in rural areas in September as compared to 3.64 per cent and 5.04 per cent respectively in the corresponding period a year ago.

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. The current inflation rate remains below the Reserve Bank's 4 per cent target.

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 output of the mining and electricity sectors grew at 9.4 per cent and 8.3 per cent as compared to August 2016.

IIP growth during April-August period of this fiscal stood at 2.2 per cent, down from 5.9 per cent in the same period in 2016-17. "However, 13 of the 23 sub-sectors of manufacturing with a weight of 27% in the IIP, recorded a contraction in August 2017".

The Central Statistics Office (CSO) which released the data on Thursday also revised the July IIP from 1.2 percent to 0.94 percent.

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