India’s retail inflation jumps to 4.81% in June due to surging food prices
The Hindu
India’s retail inflation hardened to 4.81% in June from 4.31% in May, driven by a spike in food price inflation faced by consumers which rose to 4.5% from less than 3% in the previous month, government data showed on July 12.
India’s retail inflation hardened to 4.81% in June from 4.31% in May, driven by a spike in food price inflation faced by consumers which rose to 4.5% from less than 3% in the previous month, government data showed on July 12.
The country’s industrial output picked up some pace in May to grow 5.2% compared to 4.46% in April, with electricity generation growing 0.9% after two months of contraction, and mining and manufacturing growing at a swifter rate of 6.4% and 5.7%, respectively.
Within manufacturing, consumer durables turned an ebbing tide for the first time in six months, with output growing 1.1% in May, compared to a 2.5% contraction in April.
Infrastructure and Construction goods’ output continued to drive up the Index of Industrial Production (IIP), rising 14% in May after a nearly 13% rise in April. Capital goods’ production also accelerated to grow 8.2% in May from 6.2% in the previous month.
Production of primary and intermediate goods remained tepid in contrast, growing just 3.5% and 1.6%, respectively, though this was higher than April levels. Consumer non-durables’ growth slowed down from over 10% in April to 7.6% in May, the data showed.
Of the 23 manufacturing sectors tracked by the National Statistical Office, 12 sectors recorded a contraction in output in May, with apparel makers (-21%) and furniture producers (-20.5%) reporting the sharpest declines, followed by wood products (-12.7%), paper products (-8.6%) and computers and electronics (-5.7%).
This was counter-weighed by a sharp 20.9% uptick in pharma output and a 13.4% surge in motor vehicles’ production, during May. Other transport equipment grew 10.9%, while non-metallic mineral products and machinery and equipment makers also upped output by over 10% in May.
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