Both headline and core prices rose an on-trend 0.2% in February, with the 2.2% headline rate for the last 12 months, and the 1.8% core, both matching consensus.
The indices of industrial production for mining, manufacturing and electricity sectors for the month of January 2018 stands at 114.5, 133.8 and 149.5 respectively, with the corresponding growth rates of 0.1 percent, 8.7 percent and 7.6 percent as compared to January 2017. 'As expected, CPI inflation eased to 4.44 percent in February 2018, compared to 5.07 percent in the previous month, with all the components witnessing a decline in prices except for health, clothing and footwear, transport and communication.
Prime Minister Narendra Modi, who faces a general election next year, is trying to push up economic growth while keeping inflation under control.
Separate data showed industrial production rose 7.5% in January, handily beating estimates of a 6.4% rise and a growth of 7.1% in December. The RBI targets inflation over the medium term at 4 percent with an upper limit of 6 percent and a lower threshold of 2 percent. This followed a 0.5% January increase. The chart is based on autoregressive analysis of monthly Consumer Price Index data, which was obtained from the National Bureau of Statistics (NBS). The manufacturing sector saw growth quickening marginally to 8.7% in January from 8.4% in the previous month. Food away from home grew 0.2%.
Higher growth and a low base effect in capital goods and consumer durables supported the rise in industrial growth for January.
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Over the last 12 months, the all items index rose 2.2 percent before seasonal adjustment. It expects gross value added - a key measure of growth - to increase 7.2 percent next fiscal year from 6.6 percent this year.
Auto prices restrained inflation, as the cost of new vehicles fell 0.5% in February, the most since 2009, while used cars and trucks were down 0.3%, breaking a four-month streak of gains.
The IIP growth in January this year was mainly on account of an uptick in the manufacturing sector which constitutes 77.63 per cent of the index. The central bank expects inflation to reach 5.1-5.6 percent in the first half of the financial year starting April 1, before easing in the second half.
Fed policy makers have penciled in three rate increases this year, and have been monitoring the inflation picture closely, looking for signs that a tightening labor market and continued economic growth are generating stronger wage and price increases after years of weak inflation. Kroger said on Thursday that it will use one-third of its tax cut to boost shareholder returns, but the other two-thirds will go to higher wages and lower prices.