Published: Fri, May 12, 2017
Life&Culture | By Rose Hansen

Retail inflation eases to 2.99 percent in April

Retail inflation eases to 2.99 percent in April

India's April wholesale price index-based (WPI) inflation eased to a four-month low of 3.85% on lower food prices, the government said on Friday, adding that it has shifted to a new data base.

The Fuel & Power index declined by 1.9% to 92.8 (provisional) from 94.6 (provisional) for the previous month due to lower price of naphtha and furnace oil (7% each), aviation turbine fuel (ATF) (5%), petrol (4%), high speed diesel (HSD) and bitumen (3% each), kerosene (2%) and LPG (1%).

Data release by the government showed that wholesale inflation in primary articles rose 1.82% while WPI in food articles grew 1.16% as against corresponding period of past year.

Data on the consumer price index, wholesale price index and industrial output will be released around 1200 GMT Friday.

The poll of more than 30 economists predicts inflation fell to a three-month low of 3.49 percent in April from 3.81 percent the previous month.

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CPI inflation stood at 5.47 per cent in April 2016.

On RBI's policy stance, the report said that the central bank may go for a 25 bps rate cut in its August policy review.

Moreover, Ministry of Commerce & Industry said that the base year for calculation of WPI is now 2011-12 in place of 2004-05 earlier. The India Meteorological Department forecast on Wednesday that the country will receive higher monsoon rainfall than previously predicted, as concerns have eased over El Nino, a weather phenomenon associated with drought-like conditions in the subcontinent. It had, however, increased the reverse repo rate - which it pays to banks for parking funds with it - by 0.25 per cent to 6 per cent, narrowing the policy rate corridor.

The newly-rebased industrial production index will also be in focus.

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