Inflation Rate Drops For 14th Consecutive Time

Inflation Rate Drops For 14th Consecutive Time

Housing inflation remained nearly flat at 8.31 per cent in March as compared to 8.28 per cent a month ago, while fuel inflation, which has seen an uptick since July, eased at 5.73 per cent in March from 6.80 per cent in February.

Food and beverages, which has a weight of 12.58% in the CPI basket, witnessed a 4% surge in its group index on a yearly basis but was down 0.3% on a monthly basis.

Inflationary pressures could come from higher spending in the second half of the year, before general elections scheduled for February, according to Nigeria's statistician-general, Yemi Kale, said earlier this year.

The central bank kept its main interest rate at 14 percent in April in an attempt to curb inflation, especially in food prices.

Among non-food categories, the "fuel and light" segment's inflation rate accelerated to 5.73 per cent in March.

India's factory output grew by 7.1% in February over the same month in 2017, government data released on Thursday showed. The RBI's Monetary Policy Committee (MPC) said the recent volatility in global crude prices has brought considerable uncertainty to the near-term inflation outlook. The IIP stood at a mere 1.2 per cent same period past year. In February, prices grew at 4.4 per cent.

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It means that RBI is likely to maintain status quo on the monetary policy in the next review in early June. IIP had risen by downwardly revised 7.4% in January 2018 and was 1.2% in February 2017.

Housing inflation stood at 8.3% compared to 8.28% in February.

Others concur. "While the growth of capital goods output has surged in recent months, the year-to-date growth remains moderate at 5.3 per cent".

Analysts polled by news agency Reuters had expected consumer price inflation to further cool in March at 4.20 per cent. Clothing and footwear inflation rose to 4.9% compared with 5% in February.

India's industrial output grew at 7.1 per cent in February due to robust performance of the manufacturing sector.

Anis Chakravarty, Lead Economist and Partner, Deloitte India said: "We expect that inflation expectations in the period ahead will possibly be shaped by oil price movement, impact of minimum support prices (MSP) inclusion, fiscal slippage as GST collections remain low, and monsoon forecasts". The retail inflation slowed down mainly on account of easing food prices including vegetables.

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