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Financial News: India Inflation, Industrial Production Rise Unexpectedly

India Inflation, Industrial Production Rise Unexpectedly

11/12/2020 - 10:23:00 (RTTNews)

(RTTNews) - India's inflation accelerated in October and industrial production grew in September, both defying expectations, official data showed on Thursday.

The consumer price index, or CPI, rose 7.61 percent year-on-year after a 7.27 percent increase in September. Economists had forecast 7.30 percent inflation.

The consumer food price index climbed 11.07 percent year-on-year after a 10.68 percent rise in the previous month.

Compared to the previous month, the CPI rose 1.28 percent and the CFPI climbed 2.48 percent in October.

Separate government data showed that industrial production increased 0.2 percent year-on-year in September, while economists were looking for a 2.0 percent decline.

Manufacturing shrunk 0.6 percent, while mining production rose 1.4 percent. Electricity output grew 4.9 percent.

In the April to September period, industrial production decreased 21.1 percent from a year ago.

Earlier on Thursday, the finance minister announced a third stimulus for the Indian economy that is severely hurt by the coronavirus pandemic.

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