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Manufacturing, capital & consumer goods push IIP growth to7.5%

Tuesday, March 13, 2018

Industrial production grow at  a high rate of 7.5% in January 2018 against 3.5% in the year-ago month on the back of good show by manufacturing coupled with higher offtake of consumer and capital goods.

The Index of Industrial Production (IIP) had grown at 7.1% in December 2017, according to the data released by the Central Statistics Office (CSO) yesterday. The IIP growth in January this year was mainly on account of uptick in manufacturing sector which constitutes 77.63% of the index. It grew by 8.7% during the month as compared to 2.5% in January 2017, showing signs of recovery in the economy.

Capital goods, a barometer of investments, showed a sharp increase in output by 14.6% in January, 2018 as against a decline of 0.6% year ago. Consumer non-durable goods, which are mainly fast moving consumer goods, too showed an increase of 10.5% as against a growth of 9.6%. Consumer durable goods recorded a growth rate of 8% in January 2018 against a contraction of 2% a year ago.

Retail inflation at 4-month low of 4.44%
Retail inflation fell to a 4-month low of 4.44% in February on cheaper food articles and lower cost for fuel. Retail inflation, based on Consumer price index (CPI), was at 5.07% in January.

In February 2017, however, it was 3.65%. It was 4.88% in November last year. Data released by the Central Statistics Office (CSO) showed that the rate of price rise in the consumer food segment was lower at 3.26% in February, as against 4.7% in the previous month. Inflation in vegetables was 17.57% last month, down from 26.97% in January), and for fruits it was 4.80% (as against 6.24%). Milk and its products too were less expensive with inflation print of 4.21%, cereals and products at 2.10%, meat & fish at 3.31% while for eggs the prices grew at a slower pace of 8.51%.

Inflation for the fuel and light category was at 6.80% in February (against 7.73% in January). However, the rate of price increase was higher for transport and communication services at 2.39% (1.97% January).

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