India`s IIP growth at 4.3% in July, August retail inflation at 3.21%

Retail inflation rose to 3.21% in August – the highest in 10 months

Retail inflation rose to 3.21% in August – the highest in 10 months

Consumer inflation came in at 3.21 per cent in August, government data showed on Thursday. The previous high was 3.38% in October 2018.

Inflation in the food basket was 2.99%, up from 2.36% in July.

The industrial output growth was recorded at 1.2 percent in June and 4.6 percent in May this year.

"Rising food prices have been leading consumer price inflation up this year - a trend that is likely to have received a further lift in August from a supply shock to food prices from heavy flooding in some south-western states", Prakash Sakpal, Asia economist at ING told Reuters.

Meanwhile the country's retail inflation stood at 3.21 percent in August as against 3.69 in the same period a year ago mainly due to costlier food items, government data showed.

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A retail inflation figure of 3.21% indicates that prices were that much higher this August as compared to August 2018.

The RBI, which mainly factors in CPI for arriving at its bi-monthly monetary policy, has been mandated by the government to ensure that inflation remains at 4%, with deviation of 2% on either side.

Inflation in meat and fish basket was 8.51 per cent, pulses and products 6.94 per cent and vegetables 6.9 per cent.The retail inflation in health was recorded at 7.84 per cent and in recreation and amusement at 5.54 per cent. Personal care and effects segment saw prices rise by 6.38 per cent during August. "Core goods prices increased again in August and are up 0.8% over the past year- the largest one-year gain since 2012".

In terms of industries, thirteen out of the twenty three industry groups in the manufacturing sector have shown positive growth during the month of July 2019 as compared to the corresponding month of the previous year.

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