India Inc expects further improvement as IIP grows at 7.5%,

Manufacturing capital consumer goods push IIP growth to 7.5% retail inflation falls to 4.4

The general index for the month of January 2018 stands at 132.3, which is 7.5 percent higher as compared to the level in the month of January 2017.

Moreover, this was the biggest growth since February 2011.

While cheaper food articles and lower cost for fuel pushed consumer inflation lower, industrial output spurted due to a good show by manufacturing coupled with higher offtake of consumer and capital goods.

Consumer durables recorded a growth rate of 8 per cent as against a decline of 2 per cent in the same month a year ago.

Besides, he said, even though the consumer inflation at 4.4 percent in February may be lower, the undercurrent remains biased on the upside, "making RBI disinclined towards any rate cut, though the industry would like it to happen".

Some consumer prices that skyrocketed in January probably returned to Earth in February, indicating fears of runaway US inflation that jarred financial markets were overblown. It also estimated the retail inflation for 2018-19 in the range of 5.1-5.6 percent during April-September and 4.5-4.6 percent in the second half of the year.

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In January, manufacturing grew by a robust 8.7 per cent, followed by 7.6 per cent increase in electricity generation. Fuel inflation, meanwhile, rose to 6.80% in February 2018 compared to 7.64% in January 2018.

The Reserve Bank of India (RBI), which takes into consideration the inflation indicator for deriving it's position on India's monetary policy stance, had increased the CPI target for Q4FY18.

In February, consumer food price index softened to 3.26 per cent as against 4.7 per cent in January.

On an annual basis, the main CPI probably rose 2.2 percent from a year earlier, up from 2.1 percent in January, while the core index's gain was unchanged at 1.8 percent, according to median estimates.

"This easing appears to have come largely on the back of a slowdown in the food price inflation on account of one-off seasonal factors", Richa Gupta, senior economist and senior director, Deloitte India said.

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