Financial News: India Inflation Hits 18-Month Low Of 4.7%; Industrial

India Inflation Hits 18-Month Low Of 4.7%; Industrial Production Growth Slows

05/12/2023 - 10:39:00 (RTTNews)

(RTTNews) - India's consumer price inflation eased more-than-expected in April to its lowest level in one-and-a-half years and remained below the Reserve Bank of India's upper threshold amid a slowdown in food prices, and industrial production expanded at a slower pace in March, data from the National Statistical Office showed on Friday.

The consumer price index, or CPI, climbed 4.70 percent year-over-year in April, which was slower than the 5.66 percent rise in March. Economists had forecast the inflation rate to drop to 4.80 percent.

In the same period last year, inflation was 7.79 percent.

Inflation returned within the RBI's tolerance band of 2-6 percent for the second straight month.

Nonetheless, the inflation rate was above the central bank's medium-term target of 4.0 percent.

The Monetary Policy Committee of RBI has projected CPI inflation at 5.2 percent for 2023-24.

Food price inflation moderated to 3.84 percent in April from 4.79 percent in the prior month, largely led by a 6.50 percent plunge in vegetable prices.

Prices for clothing and footwear rose 7.47 percent annually in April, and those for fuel and light grew 5.52 percent.

On a monthly basis, consumer prices moved up 0.51 percent in April, and food prices showed a similar kind of increase of 0.57 percent.

Separate official data showed that industrial production expanded 1.1 percent year-over-year in March, much slower than the 5.6 percent gain in February. Economists had forecast 3.3 percent growth.

Among the three main sectors, electricity production advanced the most, by 8.9 percent. This was followed by a 5.8 percent increase in mining production. Manufacturing output also logged a positive growth of 4.5 percent.

In the April to March period, total industrial production was 5.1 percent higher compared to the same period a year ago.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Australia Construction Work Done Increases 1.8% In Q1 (01 hr(s), 33 min(s), 47 sec(s) ago)
(RTTNews) - The total value of construction work done in Australia was up a seasonally adjusted 1. ...Full Story»

Australia Private Sector Credit Climbs 0.6% In April (01 hr(s), 39 min(s), 47 sec(s) ago)
(RTTNews) - Private sector credit in Australia was up 0.6 percent on month in April, the Reserve B ...Full Story»

China Manufacturing PMI Slides In May - NBS (01 hr(s), 48 min(s), 47 sec(s) ago)
(RTTNews) - The manufacturing sector in China continued to contract in May, and at a faster rate, ...Full Story»

Japan Retail Sales Climb 5.0% On Year In April (03 hr(s), 03 min(s), 47 sec(s) ago)
(RTTNews) - The total value of retail sales in Japan was up 5.0 percent on year in April, the Mini ...Full Story»

Japan Industrial Production Falls 0.4% In April (03 hr(s), 09 min(s), 47 sec(s) ago)
(RTTNews) - Industrial production in Japan was down a seasonally adjusted 0.4 percent on month in ...Full Story»

South Korea Industrial Production Slumps In April (03 hr(s), 41 min(s), 47 sec(s) ago)
(RTTNews) - Industrial production in South Korea was down a seasonally adjusted 1.2 percent on mon ...Full Story»

Japan Industrial Production Data Due On Wednesday (05 hr(s), 25 min(s), 47 sec(s) ago)
(RTTNews) - Japan will on Wednesday release April figures for industrial production, headlining a ...Full Story»

Spain Inflation Eases Unexpectedly To Lowest In 22 Months (12 hr(s), 56 min(s), 47 sec(s) ago)
(RTTNews) - Spain's consumer price inflation eased unexpectedly in May to the lowest level in ...Full Story»