India's industrial output growth crawls at 1.2%; inflation rises to 3.36%

India's industrial output growth crawls at 1.2%; inflation rises to 3.36%”

CPIH rose to 2.9% in August from 2.6% in July and against expectations of 2.8%, while Core CPI rose to 2.7% from 2.4% beating expectations of 2.5%.

The output of mining and electricity sectors during the month accelerated to 4.8 percent and 6.5 percent from 0.9 percent and 2.1 percent respectively in June a year ago. However, the inflation rate still remains below the Reserve Bank's 4 per cent target.

This rise in inflation rules out hopes of further rate cut by the RBI in its monetary policy meet in October.

Daily consumables like fruits and vegetables turned costlier during the month with inflation print coming at 5.29 per cent and 6.16 per cent, respectively as against 2.83 per cent and (-) 3.57 per cent in July, according to the data released by the Central Statistics Office (CSO). Data on industrial output however showed growth recovering to 1.2 per cent in July, against a revised 0.2 per cent contraction seen in June.

India's industrial output growth crawls at 1.2%; inflation rises to 3.36%

Asia's third largest economy slowed to a three-year low in the three months to June, delivering a blow to prime minister Narendra Modi, who faces criticism for disrupting business activity with his shock cash squeeze last year.

Seasonal monsoon rains have caused damage to some crops and hit movement of goods.

Rising price pressures could keep RBI cautious in the near future, economists say.

It stated that Consumer Food Price Index (CFPI) stood at 1.52% in August 2017 as against 5.91% in the same month of past year.

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