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IIP expands to 7.5% in Jan; retail inflation at 4-month low of 4.44%
Giving a positive hope to the country's growing economy, industrial production expanded by 7.5 per cent in January 2018 as compared to 3.5 per cent in the same month last year on the back of good performance in manufacturing as well consumer and capital goods sectors. Similarly, retail inflation also contracted to 4.44 per cent in February from 5.07 per cent in January, according to Government data released by Central Statistics Office (CSO) on Monday.
However, the data said Index of Industrial Production (IIP) had grown at 7.1 per cent in December 2017. The IIP growth in January this year was mainly on account of uptick in manufacturing sector which constitutes 77.63 per cent of the index.
It also grew by 8.7 per cent during the month as compared to 2.5 per cent in January 2017, showing signs of recovery in the economy. Capital goods, a barometer of investments, showed a sharp increase in output by 14.6 per cent in January, 2018 as against a decline of 0.6 per cent year ago.
As far as retail inflation is concerned, it fell to a 4-month low of 4.44 per cent in February on cheaper food articles and lower cost for fuel. Retail inflation, based on Consumer Price Index (CPI), was at 5.07 per cent in January. However, it was 3.65 per cent in February 2017 and 4.88 per cent in November.
Data released by the CSO showed that the rate of price rise in the consumer food segment was lower at 3.26 per cent in February, as against 4.7 per cent in the previous month. Inflation in vegetables was 17.57 per cent last month, down from 26.97 per cent in January), and for fruits it was 4.80 per cent (as against 6.24 per cent).
On the other hand milk and its products too were less expensive with inflation print of 4.21 per cent, cereals and products at 2.10 per cent, meat & fish at 3.31 per cent while for eggs the prices grew at a slower pace of 8.51 per cent.
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