Financial News: India Inflation Eases To 4.85%; Industrial Output Growth

India Inflation Eases To 4.85%; Industrial Output Growth Hits 4-Month High

04/12/2024 - 09:28:00 (RTTNews)

(RTTNews) - India's consumer price inflation eased more-than-expected in March to the lowest level in nine months, largely due to a slowdown in food costs and cheaper fuel and light costs, data published by the National Statistical Office showed on Friday.

Separate official data showed that industrial production expanded at the fastest pace in four months in February.

The consumer price index posted an annual increase of 4.85 percent in March, slower than the 5.09 percent increase in February. In the same period last year, inflation stood at 5.66 percent.

Inflation was expected to ease to 4.91 percent in March. The latest inflation was the slowest since June 2023.

Further, inflation remained within the central bank's tolerance band of 2-6 percent.

Food price inflation eased somewhat to 8.52 percent in March from 8.66 percent in the prior month.

Clothing and footwear costs rose 2.97 percent over the year, while those for fuel and light dropped by 3.24 percent.

On a monthly basis, consumer prices remained flat in March, versus a 0.22 percent decrease in February.

Another piece of official data showed that the annual increase in industrial production accelerated to 5.7 percent in February from 4.1 percent in January.

This was the highest rate of growth since October 2023, when output had grown 11.9 percent. The expected increase was 6.0 percent.

All three sectors posted growth in February, with mining registering the biggest percent expansion of 8.0 percent. Electricity and manufacturing grew 7.5 percent and 5.0 percent, respectively.

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