Retail inflation hits 4-month high, factory output rises 4.9%

Cornelia Mascio
Giugno 14, 2018

Retail inflation now stands at a four-month high after topping the 4.58 per cent it recorded in April.

According to the bureau, this figure is 0.87 per cent points less than the rate recorded in April.

In May a year ago, the retail inflation was at a low of 2.18 per cent.

Analysts polled by Reuters had forecast May's CPI inflation at 4.83 percent, compared with April's 4.58 percent.

On a month-on-month basis, the food index increased by 1.33 per cent in May, up by 0.42 per cent points from 0.91 per cent recorded in April. While reading the decision of the committee, Godwin Emefiele, the CBN governor, said the rates were held because inflation is still above the committee's single-digit target.

India's provisional consumer price inflation rate for May stood at 4.87% compared to the same month previous year, data released by the Ministry of Statistics and Programme Implementation showed on Tuesday.

The report shows inflation increased by 11.6% (year-on-year) in May 2018 which is 0.87% less than the recorded rate in April, 2018 (12.48%).

As per the data of the Central Statistics Office (CSO), food inflation rose to 3.10% last month, as against 2.8% in April.

This, it noted was down by 0.2 per cent from the rate recorded in April, which was 10.9 per cent. This rise in the index was caused by increases in prices of Potatoes, yam and other tubers, Vegetables, Fish, Bread and cereals, Fruits and Meat.

The average annual rate of change of the food sub-index for the 12-month period ending May 2018 over the previous 12-month average was 18.36 per cent, 0.53 per cent points from the average annual rate of change recorded in April by 18.89 per cent. This shows a reduction of 0.01% from 0.85% in April, on a month-on-month basis.

On month-on-month basis, the core sub-index increased by 0.98 per cent in May 2018, up by 0.11 per cent when compared with 0.87 per cent recorded in April.

Air fares, which were influenced by the early timing of Easter this year, registered annual inflation of 8.2 per cent, having fallen by 7.9 per cent in the prior month.

In its biannual World Economic Outlook, the International Monetary Fund said economic activity in 2018-19 will be lifted by strong private consumption as well as the fading effects of the withdrawal of high-value currencies and implementation of GST.

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