dglobalnews.com Retail inflation at 3.17% in January
Published: Tue, February 14, 2017
Markets | By Armando Jensen

Retail inflation at 3.17% in January

Retail inflation at 3.17% in January

Inflation in vegetables was negative at (-) 15.62% from (-) 14.59% a month ago and for pulses and products, prices deflated by (-) 6.62%.

The benchmark consumer-price index rose 3.17% from a year earlier, slower than December's 3.41% increase, government data showed Monday.

The Rural CPI for the month of January stood at 3.36%, while the Urban CPI stood at 2.9%.

The prices of vegetables and pulses declined the most during the month of January from December. In rural areas, food inflation was 1.1%, while in urban centres it fell 0.5% as prices of vegetables and food items softened. The food and beverages category registered an inflation rate of 1.3% in January, down from the 2% witnessed in December 2016. Economists expect retail inflation to inch upwards in the months ahead.

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The Consumer Price Index-based inflation was at 5.69 percent in January previous year. Retail inflation was at 3.41 per cent in December.

Discretionary spending on goods and services in the retail inflation index excluding food and fuel, which constitute 16 percent of the CPI basket, appear to have been worst affected by restricted access to cash.

Producer Price Index, a measure of inflation at wholesale level, is forecast to fall 0.2 percent month on month in January, as prices of raw materials dipped. But a pick-up in global crude prices, a volatile foreign exchange market, and relatively high domestic non-food and non-fuel inflation have fuelled concerns among RBI officials.

The Reserve Bank of India had projected inflation to remain within a range of 4.0 to 4.5 percent in the first half of the 2017-18 financial year. "The focus of Union budget on growth revival without compromising on fiscal prudence should bode well for limiting upside risk for inflation", the monetary policy panel had said.

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