Economy

India's IIP in August highest in 9 months, inflation unchanged

India's IIP in August highest in 9 months, inflation unchanged

Retail inflation remained unmoved at 3.28% in September from its revised figure for August. Retail inflation stood at 4.31 per cent in September, 2016. The current inflation rate remains below the Reserve Bank's 4 per cent target.

Separately, annual industrial output grew at a nine-month high of 4.3 per cent in August, compared with the forecast of 2.4 per cent by economists in a Reuters poll, the data showed.

Food and beverages during the month under consideration recorded a rise of 1.76 per cent over the same month past year.

The cumulative growth in these three sectors during April-August 2017 over the corresponding period of 2016 has been 3.3 percent, 1.6 percent and 6.2 percent respectively.

On the retail inflation measured in terms of Consumer Price Index (CPI), Madan Sabnavis, Chief Economist, CARE Ratings Ltd, said in a statement that "inflation came down to 3.3% contrary to our own expectations of 3.9%".

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The August electricity sector output is at 8.3 per cent, against 6.5 per cent in July.

The IIP growth in July was revised to 0.94% from 1.2% in the provisional estimates released last month.

As per Use-based classification, the growth rates in August 2017 over August 2016 are 7.1 percent in Primary goods, 5.4 percent in Capital goods, (-) 0.2 percent in Intermediate goods and 2.5 percent in Infrastructure/ Construction Goods. "However, 13 of the 23 sub-sectors of manufacturing with a weight of 27% in the IIP, recorded a contraction in August 2017".

The data revealed the overall food inflation moderated to 1.25 per cent in September from 1.67 per cent in the previous month.


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