Retail inflation in India declines to 2.99% in April, WPI at 3.85%

Retail inflation in India declines to 2.99% in April, WPI at 3.85%

Retail inflation in India declines to 2.99% in April, WPI at 3.85%

Ministry of Statistics & Programme Implementation is set to announce retail inflation, Consumer Price Index, and IIP, Index of Industrial Production (IIP) on Friday.

Such a change in the WPI base year is also done periodically to make the item basket a proper representative of the price pressure at the wholesale level in the country. He elaborated that since GST will be captured on the final point of sale, the effect of GST will be captured through consumer price index. Explaining he said, "The change is in consonance with global practices and will make the new WPI conceptually closer to Producer's Price Index (PPI)".

Responding to a question, Abhishek said a shift towards PPI may result in inclusion of services in the index. Electricity's share in the index witnessed a decline to 7.9 percent from 10.3 percent and includes data renewable energy sources.

The CSO has added 149 new items such as steroids and hormonal preparations, cement clinkers, surgical accessories, prefabricated concrete blocks and refined palm oil while 124 products such as calculators, colour TV picture tubes and gutka have been deleted from the 2004-05 series, which had 620 items.

The new IIP series takes into account only the organized sector. This will align these data with gross domestic product (GDP) data, which is already being measured on a 2011-12 base year.

According to agency reports, India registered a 2.7 per cent rise in the industrial output in March as against 5.5 per cent a year ago.

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The government today released the new series of wholesale inflation and industrial output data under which the base year for calculating the macroeconomic indicators has been revised to 2011-12, from the 2004-05 earlier. As per the monthly industrial output figures for 2012-13 to 2016-17, IIP contracted in five months in the new series, while as per 2004-05 series, the contraction was recorded for 22 months.

CPI for the month of March 2017 stood at 3.81%, rising from 3.65% in February.

As per the last data, IIP for the month of February fell by 1.2% on year-on-year basis, as against the estimate of 1.3%.

The March IIP data showed that electricity generation went up by 6.2 per cent, while mining rose by 9.7 per cent. Meat and fish recorded an inflation of 1.9% during April, compared to 2.96% in March.

There has been an increase in number of factories in panel for reporting data and closed ones have been removed.

The Consumer Price Index-based inflation in April stood at 2.99 percent.

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