German Consumer Prices Fell in September, in Line With Forecasts

German Consumer Prices Fell in September, in Line With Forecasts”

In fact, the consumer price index (CPI)-based inflation rate stood moderately higher at 6.92 per cent in the second quarter (Q2) of 2020-21 than the 6.8 per cent projected by the MPC in its latest policy review.

The spike in consumer price inflation, caused mainly by zooming food prices, stood higher at 10.68 per cent in September 2020 against 6.67 per cent in August and 9.05 per cent during the corresponding month a year ago.

Meanwhile, prices for telephones and consumer electronics declined 6.1 percent and 4.4 percent, respectively. It is happening from consecutive six months.

The bad news continued with the industrial output contracting 8 per cent in August compared to the same month a year ago, showing that the after-effects of the Covid-19 lockdown have not worn off.

With this, the possibility of a rate reduction in the near term has become remote as the current rate of retail inflation has gone much beyond the RBI's comfort level of 4 per cent (with a 2 percentage point swing in either direction).

Last week, the RBI left key policy rates unchanged amid fears of elevated inflationary pressure, while retaining an accommodative monetary stance to support an economy that is projected to contract by nearly 10 per cent in the current fiscal year. Governor of RBI Shaktikanta Das said they are expecting retail inflation close to the aimed level by the final quarter of this fiscal year.

More news: Nordstrom's Secret Sale Is Rivaling Amazon Prime Day

The on-year decrease in energy-product prices had a downward effect on the inflation rate.

A central bank survey of households showed that inflation was likely to decline modestly over the next three months.

Sakshi Gupta, senior economist at HDFC Bank, said the surprisingly high inflation print dimmed the outlook for further monetary easing.

A different set of data report is released by the government of India.

Overall, the mining sector shrank 9.8% in August, manufacturing output declined 8.6%, while power sector output contracted 1.8%.

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