Aug IIP up 9-mth high at 4.3%, boosted by mining, power, mfg; retail inflation at 3.28% in September
With robust performance of mining and power sectors, coupled with higher capital goods output, country’s industrial production grew at a nine-month high of 4.3 per cent in August, while retail inflation remained almost flat at 3.28 per cent in September as against 3.36 per cent in August, despite softening of vegetable and cereal prices, according to the Government data which was released on Thursday.
Factory output growth measured in terms of Index of Industrial Production (IIP) stood at 4 per cent in August 2016, while the previous high in IIP growth was recorded at 5.7 per cent in November 2016. IIP growth during April-August period of this fiscal stood at 2.2 per cent, down from 5.9 per cent in same period in 2016-17.
Meanwhile, the July IIP number was revised to 0.94 per cent from 1.2 per cent provisional estimates released last month. The output growth in manufacturing sector, which constitutes 77.63 per cent of the index, however decelerated to 3.1 per cent in August from 5.5 per cent a year ago.
The output of the mining and electricity sectors grew at 9.4 per cent and 8.3 per cent as compared to August 2016. In terms of industries, 10 out of 23 industry groups in the manufacturing sector have shown positive growth during August 2017.
As per use-based classification, the growth rates in August 2017 over August 2016 are 7.1 per cent in primary goods, 5.4 per cent in capital goods, (-) 0.2 per cent in intermediate goods and 2.5 per cent in infrastructure and construction goods. The consumer durables and consumer non-durables sectors recorded growth of 1.6 per cent and 6.9 per cent, respectively.
Meanwhile, retail inflation remained almost unchanged at 3.28 per cent in September as against August, despite softening of vegetable and cereal prices, while the Consumer Price Index (CPI) or retail inflation stood at 4.39 per cent in September 2016.
As per CSO data, it also revised downwards the August inflation to 3.28 per cent from 3.36 per cent. The data revealed the overall food inflation moderated to 1.25 per cent in September from 1.67 per cent in the previous month.
The rate of price in vegetables softened to 3.92 per cent (from 9.97 per cent in August). On the other hand, the inflation print rose in the fuel and light category to 5.56 per cent. It was 3.66 per cent in August. Among others, inflation in fruits, meat & fish, and prepared meals quicken during the month. Rate of price rise in pulses continued with deflationary trend at (-) 22.51 per cent and eggs prices fell by 0.15 per cent.
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