New Delhi: India’s industrial output continued to rise in July as retail inflation inched up marginally in August, according to data shared by the ministry of statistics and programme implementation (MoSPI). The consumer price index of inflation in August stood at 3.65 per cent compared to 3.60 per cent in July while the consumer food price index rose to 5.66 per cent in August from 5.42 per cent in July.
Rural CPI inflation inched up to 4.16 per cent in August from 4.10 per cent in July, while urban CPI inflation rose to 3.14 per cent from 3.03 per cent in the previous month. The Index of Industrial Production rose to 4.8 per cent in July from 4.7 per cent in June. Inflation remained below the RBI’s 4 per cent boundary for price rise. To be sure, food inflation rose once again to 5.66 per cent from a 13-month low of 5.42 per cent in July. Vegetables, pulses and cereal prices rose in August along with fruits and milk prices, according to official data. Fuel prices were down month-on-month.
Consumer Price Index Numbers on Base 2012=100 for Rural, Urban and Combined for the month of August 2024
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— PIB India (@PIB_India) September 12, 2024
India’s core inflation remained at 3.3-3.4 per cent in August as compared to 3.35-3.40 per cent in July, Reuters reported, citing 3 economists. The inflation print has a direct bearing on RBI’s monetary policy. It remains to be seen whether the central bank will slash the repor rate during its MPC meeting during October 7-9, 2024.
Manufacturing activity has grown at a slower clip with IIP numbers for manufacturing also slowing down to 57.5 in August from 61.1 in July.
India’s IIP Records a Growth of 4.8% in the July 2024
Quick Estimate of Index of Industrial Production and Use-Based Index for the Month of July 2024 (Base 2011-12=100)
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— PIB India (@PIB_India) September 12, 2024
Industrial output rose to 4.8 per cent in July from 4.7 per cent in June, according to IIP data. Meanwhile, retail inflation inched up to 3.65 per cent in August from 3.60 per cent in July, according to official data. Economy Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
