Published: Fri, October 13, 2017
Money | By Charlene Sutton

India Consumer Price Inflation Steady In September

India Consumer Price Inflation Steady In September

The Consumer Price Index (CPI) or retail inflation stood at 4.39 per cent in September 2016.

A Reuters poll of economists which had projected inflation at 3.60 per cent.

Looking at the growth of industries in manufacturing sector, at least 10 out of the 23 industry groups in the manufacturing sector have shown an uptick in growth for August.

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Factory output recorded a muted 0.9 per cent growth in July 2017, which was the first month after GST implementation.

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 previous year and the roll out of the GST.

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

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Meanwhile, the July IIP number was revised to 0.94 per cent from 1.2 per cent provisional estimates released last month.

RBI in its policy review meet on 4 October, kept benchmark interest rate unchanged on fears of rising inflation while lowering growth forecast to 6.7% for the current fiscal.

Primary goods' production grew sharply at 7.1 percent in August as compared with 2.3 percent jump last month. "This is a good sign that notwithstanding the expected increase in prices of some food products, rentals/housing, transport and clothing, inflation has remained low".

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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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