31 May 2017

Slow food inflation

April CPI was 3%, compared to 4% in March helped by the slowest food inflation number since FY04. Food inflation was just 1.2% thanks to vegetable and pulse prices retreating. Core inflation, at 4.4% was also below trend.  A new IIP index, rebased to FY12 shows that industrial production ahs been growing stronger and more consistently than indicated by the old series: FY17 growth was 5%, with manufacturing growing 4.9%, consumer durables 6.2% and consumer non-durables 9%. Total FDI for FY17 amounted to $60.1bn; the cabinet has just approved the abolition of the Foreign Investment Promotion Board which as presided over inward investment for 25 years.

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