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Inflation rises 3.36% in August, IIP growth mild at 1.2% in July

13 September, 2017, 06:56 | Author: Jeff Stephens
  • A rise in food prices pushed India's annual retail inflation higher in August official data showed on Tuesday. According to the data furnished by the Ministry of Statistics & Programme Implementation August's consumer price index inflation shot-up

However, electricity generation stood out as it posted a growth of 6.5 per cent in July, up from 2.1 per cent in July 2016.

According to the Office for National Statistics (ONS), clothing prices rose faster than a year ago, which coupled with a hike in the cost of petrol, pushed inflation higher.

The firm has been performing well in recent times, especially in the United States, and with President Trump's hoped for infrastructure boost and more general construction spending expected to remain strong, it should continue to benefit.

The consumer price index including owner occupiers' housing costs 12-month inflation rate was 2.7 percent in August, up from 2.6 percent in July.

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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 inflation rate is still below the Reserve Bank of India's medium-term target of 4 percent. Sterling popped sharply upward on the data, which will kindle hawkish arguments on the Bank of England's Monetary Policy Committee.

Samuel Tombs, chief United Kingdom economist at Pantheon Macroeconomics, said domestic services inflation edged up 0.1 percentage point to 2.7 per cent, still well below its long-term average.

"The thorny issue of inflation will be the driving force behind any rate rise decision on Thursday".

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However, MPC members have warned market participants that their future interest rate projections remain too low, suggesting that investors are underestimating the risk of a rate rise.

The strengthening of the pound can be explained by greater market expectations of an interest rate rise to tackle higher inflation.

Clothing and footwear was one of four sub-sectors of the ONS's basket of goods that saw price growth reach a four-year high last month.

According to figures from the Office for National Statistics (ONS), fashion costs rose at an annual rate of 4.6% in August. Consumer durable goods met with similar fate, with production declining 1.3 per cent as against a growth of 0.2 per cent a year earlier.

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