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Financial News: India Inflation Eases More Than Forecast; Industrial Outpu

India Inflation Eases More Than Forecast; Industrial Output Expands Further

08/12/2022 - 09:43:00 (RTTNews)

(RTTNews) - India's consumer price inflation eased more-than-expected in July, while industrial production continued to expand strongly in June, though at a slower rate than in the prior month, data from the National Statistical Office showed on Friday.

Consumer price inflation moderated to 6.71 percent in July from 7.01 percent in June. Economists had forecast the rate to slow to 6.78 percent.

In the same period last year, inflation was 5.59 percent.

Food price inflation also eased to 6.75 percent from 7.75 percent in the previous month. Fuel and light prices rose sharply by 11.76 percent annually in July, and clothing and footwear prices moved up 9.91 percent.

Prices for food and non-alcoholic beverages were 6.71 percent more expensive compared to last year, and housing costs showed an increase of 3.90 percent.

Month-on-month, consumer prices advanced 0.46 percent, while food prices logged a nominal rise of 0.06 percent.

Separate data from the statistical office revealed that annual industrial production growth slowed to 12.3 percent in June from 19.6 percent in May.

This was also higher than the 10.7 percent expansion predicted by economists.

The overall annual increase was largely contributed by a 16.4 percent surge in electricity output. This was followed by a 12.5 gain in the manufacturing sector.

The mining sector also recorded a positive growth of 7.5 percent in output.

In the April to June period, total industrial production grew 12.7 percent from the same period last year, data showed.

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