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- Retail inflation eased to a three-month in January mainly on account of lower food prices.
- Twelve of the 22 states witnessed higher than average inflation, especially in large states like Maharashtra, UP, Gujarat, Karnataka.
India ‘s industrial production grew 3.8% in December 2023, according to official data.
Retail inflation eased to a three-month low of 5.1% in January mainly on account of lower food prices, according to official data released on Monday. Inflation based on the Consumer Price Index (CPI) was at 5.69% in December 2023 and 6.52% in January 2024.
In August 2023, inflation touched a high of 6.83%. According to the data released by the
“Inflation came in higher for December than our expectations at 5.1% against 4.7%, though lower than that of November which was 5.7%. Food products continue to exert upward pressure on inflation with cereals, vegetables, fruits, pulses, sugar and spices all witnessing high increases. There has been soothing of inflation in the core goods and services which is a relief from the point of view of monetary policy,” said
Twelve of the 22 states witnessed higher than average inflation. It indicates that inflation is still high in large states like Maharashtra, UP, Gujarat, Karnataka, opine experts.
The
Industrial production grows 3.8% in December 2023
India’s industrial production grew 3.8% in December 2023, according to official data released on Monday. Factory output measured in terms of the Index of Industrial Production (IIP) had witnessed a growth of 5.1 per cent in December 2022.
“India’s Index of Industrial Production grows by 3.8% in December 2023,” an official statement said.
The data released by the National Statistical Office (NSO) showed that the manufacturing sector’s output grew 3.9% in December 2023, up from 3.6% in the year-ago month.
In December last year, the mining production rose 5.1% and power output increased 1.2%. IIP grew 6.1% during the April-December 2023 period compared to a 5.5% expansion in the year-ago period.
“Growth has been pulled down by electricity growth which was just 1.2% reflecting lower levels of demand. Eleven of the 23 manufacturing categories witnessed negative growth with the significant one again being electronic items. Textiles too continue to be in the negative zone due to lower export demand,” says Sabnavis.
(With inputs from PTI)
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