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13 October 2017, 12:35 | Maryann Sutton
India September Consumer Price Inflation Unchanged at 3.28%
India's factory output saw smart recovery growing at 4.3% in August against a downward revised 0.9% growth a month ago, as manufacturing sector expanded at 3.1% a month after implementation of goods and services tax (GST).
Showing signs of revival, industrial production expanded at its fastest pace in nine months in August at 4.3 per cent, while retail inflation stayed flat at 3.28 per cent in September.
The rate of price in vegetables softened to 3.92 per cent (from 9.97 per cent in August).
Meanwhile, the index of industrial production (IIP) increased to 4.3 per cent in August against July's figure of 1.2 per cent.
RBI in its policy review meet on 4 October, kept benchmark interest rate unchanged on fears of rising inflation while lowering growth forecast to 6.7% for the current fiscal. Morgan Stanley expects CPI inflation to rise further to 3.8%, inching closer to Reserve bank of India's (RBI) inflation target of 4%, while WPI inflation may inch up to 3.4% in September from 3.2% in August, largely driven by higher oil prices. The previous high in IIP growth was recorded at 5.1 per cent in November 2016. The primary goods output is at 7.1 per cent in August, against 2.3 per cent in July, the capital goods output is at 5.4 per cent in August, against -1 per cent in July.
The government today revised July's factory output growth to 0.9 percent in July, as compared with an earlier estimate of 1.2 percent. At least 10 industry groups showed growth in manufacturing sector.
India's annual retail inflation remained static in September with a marginal drop in the food prices, official data showed on Thursday.
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