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Fuel Prices quicken WPI inflation to 11.39% in August Inflation in wholesale prices resurged to 11.39% in August, staying in the double digits for the fifth month in a row. Inflation in manufactured products escalated for the fourth month in a row to 11.4%, as the second order effects of high fuel prices kicked in. Fuel and power inflation firmed up to 26.1% in August after a dip in July, even though food price inflation moderated to 3.43% from 4.46% . “LPG, petrol and diesel witnessed inflation of 48.1%, 61.5% and 50.7% respectively,” said Sunil Kumar Sinha, principal economist at…
16 September, 2021
Inflation
Monetary Policy Committee and Inflation in India What is Inflation? Inflation can be defined as a calculated surge in the average prices of goods and services for a longer duration in the economy. It is a macro concept, wherein the effect of inflation is seen over a large basket of goods. The ultimate effect of inflation is that the value of money is reduced i.e., the purchasing power of money is reduced. Types of Inflation 1) Cost Push Inflation It is caused by rise in the prices of inputs like raw material cost, electricity charges or wage rate (including a rise…
14 September, 2021
Inflation
Inflation and Monetary Policy Committee What is the news? Rising fuel and edible oil costs sent India’s wholesale prices inflation soaring to a record 12.94% in May, up from 10.5% in April, and nudged retail inflation to a six-month high of 6.3%, going past the central bank’s tolerance threshold of 6%. Consumers experienced inflation of 11.58% for the ‘fuel and light category in May, with urban India bearing a bigger hit of 14.24% on the same account. Food inflation reheated to 5.1% from just 1.96% in April. Rating agency ICRA reckoned that core inflation (without factoring in food and fuel…
15 June, 2021
Inflation
Inflation and Industrial output data. The latest retail inflation and industrial output data from the National Statistical Office (NSO) offer some relief from the pall of gloom cast by the relentless second wave of the COVID19 pandemic. The recent statistics Provisional headline inflation slowed to a three-month low of4.29% in April, helped by softer food prices and a statistical base effect. The rate using an imputed index for the year earlier period was 7.22%. Index of Industrial Production (IIP) estimates show all three sectoral constituents of the index-mining, manufacturing and e suffered effecting, which accounts for 77.6% of the IIP,…
14 June, 2021
Inflation
Inflation Trends in India Official data on retail food and fuel costs remain the main driver. Inflation continues to accelerate and output at the country’s factories contracted for a second straight month. While inflation quickened to a four-month high of 5.52% in March, as per provisional data from the National Statistical Office, the NSO’s quick estimates of the Index of Industrial Production for February show output including at mines, the manufacturing sector and electricity generators shrank 3.6%, following on from January’s 0.9% contraction. Food and Fuel Costs Consumer Price Index numbers show that stubbornly high food and fuel costs remain…
15 April, 2021
Inflation
Core infrastructure Sector Year on the Year Growth rate of 8 Core Industries vis-à-vis COVID. Core industries have been adversely affected by the Covid-19 pandemic Except for Fertilizers, all the sectors witnessed a fall in growth. During covid major drop was witnessed by sectors like cement (-85%), steel(-82.8%), Refinery Product(-21.3 %) and Electricity(-22.9%) in the month of April. Y-o-Y basis, the sectors Cement(-16%), Steel(-14%), Refinery(-12.4%), Natural gas(10.7%) witnessed a sharp fall in growth due to lock down. Coal Sector witnessed a sharp rise (7.4%) in 2018-19 due to Mission Shakti but fell after that due to de-licensing, Pandemic- leading…
25 March, 2021
Inflation
Inflation targeting in India Introduction As the term of the original agreement (Urjit Patel Committee) between the Centre and the Reserve Bank of India (RBI) on inflation targeting ends on March 31, evaluations of this aspect of monetary policy have begun to emerge in the public domain. Two points have been made: first, that the inflation rate has remained within the prescribed band of 2% to 6% since 2016, when inflation targeting was introduced, and secondly that the RBI has succeeded in anchoring inflationary expectations. In fact, the lower inflation rate has been seen as the outcome of RBIs inflation…
18 March, 2021
Inflation
Data on Inflation Feb-2021 Retail inflation, measured by the CPI, accelerated to a three-month high of 5.03% in February, data released by the National Statistical Office. The jump of almost 100 basis points from January’s 4.06%, while partly attributable to a base effect given that price gains had relatively eased in February 2020. RBI’s early February prognostication of continuing pressures in the prices of pulses and edible oils has been borne out by the last two months’ CPI data. Inflation of both essential food products has persisted in the double digits during the period, and in the case of the…
16 March, 2021
Inflation
Index of Eight Core Industries This index for January 2021 was released by the Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade. Eight Core Industries - Coal, Crude Oil, Natural Gas, Petroleum Refinery Products, Fertilizers, Steel, Cement, Electricity. These Core Industries comprise 40.27% of the weight of items included in the Index of Industrial Production (IIP). Since 2014, Electricity generation data from Renewable sources are also included. Consumer Price Index It examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is calculated…
27 February, 2021
Inflation
CPI-Agriculture Labour and CPI-Rural Labour Consumer Price Index (CPI) for Agricultural Labourers (AL) and Rural Labourers (RL) for the month of January 2021 is decreased. The major contribution towards the fall in general index of AL and RL came from the fall in prices of pulses, onion, potato, brinjal etc. The fall/rise in index varied from State to State. Consumer Price Index It examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is calculated by taking changes in price over time for each item in the predetermined…
20 February, 2021
Inflation
Inflation- Its impact on the macroeconomic stability Introduction Consumer Price Index (CPI) rose by 4.06% in January, marking a deceleration for a second straight month to a 16-month low. Reasons in decline of retail inflation Bumper kharif crop: The Consumer Food Price Index reflected a gain of a mere 1.89% last month as vegetable prices saw a disinflation of 15.8% and cereal prices eased considerably for a second month in the wake of kharif crop arrivals. Good rabi harvest: Rising prospects of a good rabi harvest Vegetable production: Larger winter arrivals of key vegetables Avian flu fears: Softer egg and…
19 February, 2021
Inflation
Inflation trends in India India’s retail inflation decelerated appreciably to 4.59% in December, from 6.93% in November, dipping below 6% for the first time since March 2020 as food prices cooled. Other data released by the National Statistical Office (NSO) on Tuesday, however, showed that a nascent industrial recovery, which had begun in September, retreated in November as industrial output shrank 1.9%. The lowest consumer price inflation (CPI) print in 14 months was driven by an sharp slowdown in food price inflation, which eased to 3.4% in December, from the preceding month’s 9.5% . India’s index of industrial production (IIP)…
13 January, 2021
Inflation
Inflation and Monetary Policy Committee What is the news? An RBI study has said maintaining 4 per cent inflation is appropriate for India as targeting a lower rate could impart deflationary bias to the monetary policy. What is Inflation? Inflation can be defined as a calculated surge in the average prices of goods and services for a longer duration in the economy. It is a macro concept, wherein the effect of inflation is seen over a large basket of goods. The ultimate effect of inflation is that the value of money is reduced i.e., the purchasing power of money is…
31 December, 2020
Inflation
Inflation alert: On rising prices Context - June’s retail inflation reading of 6.1% is worrying, particularly since it was the first month when the economy reopened from the crippling lockdowns of the preceding two months. - While the disruptions caused to the supply of goods and services as a result of the nationwide shutdown can to an extent explain the acceleration in price gains, that this happened despite depressed demand is cause for disquiet. CPI data - A closer look at the Consumer Price Index reveals that prices in the food and beverages group rose an average 7.3% year-on-year,…
16 July, 2020
Inflation
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