CPI rises 3.28% in September; August IIP jumps 4.3%

Industrial production has made a remarkable growth at 4.3% defying slowdown from previous month’s 1.2

Mumbai: The factory output growth in August surged to 9-month high of 4.2%, indicating an acceleration of industrial activities after the initial setback due to GST-related destocking much to the delight of the government which is facing criticism over poor handling of the economy.

Manufacturing sector, which accounts for more than three-fourth of the entire index, continued to growth at 3.1 percent in August, compared with 0.1 percent growth in July, government data showed.

On the retail inflation measured in terms of Consumer Price Index (CPI), Madan Sabnavis, Chief Economist, CARE Ratings Ltd, said in a statement that "inflation came down to 3.3% contrary to our own expectations of 3.9%".

This month's CPI remained same as August 2017 at 3.28%, however lower compared 4.39% in the corresponding month of the previous year.

RBI in its policy review meet on 4 October, kept benchmark interest rate unchanged on fears of rising inflation while lowering growth forecast to 6.7% for the current fiscal.

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Among non-food categories, the "fuel and light" segment's inflation rate accelerated to 5.56 per cent in September.

The Index of Industrial Production (IIP) had registered a tepid growth of 1.2 per cent in July this year.

Meanwhile, the July IIP number was revised to 0.94 per cent from 1.2 per cent provisional estimates released last month.

IIP growth slowed down to 2.2% during April-August this fiscal from 5.9% in the corresponding period last fiscal.

Food price inflation that measures kitchen costs, remained soft at 1.76 per cent. Vegetables prices grew at 3.92 per cent in September as compared to 6.1 per cent in August.

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