Retail Inflation Decelerates To 2.99% As Food Prices Plunge

Preview - Indian retail inflation seen easing in April on lower food prices

India's Industrial Output Strengthens, Inflation at Record Low

The WPI has inched up at a much slower pace than the CPI in recent years, with the difference being as high as 5 percentage points in the beginning of 2016-17. This year it was 6.2 per cent, whereas it stood to 11.9 per cent in the previous fiscal year.

The Consumer Food Price Index (CFPI) during the month under review plunged to 0.61 per cent, as compared to 2.01 per cent in March.

Similarly, he pointed out that the release of new WPI data on the 2011-12 base, makes it more comparable with the CPI which has 2012 as the base.

For long, economists and various think tanks have been pitching for release of new time series of WPI and IIP so that GDP numbers can be based on more accurate and realistic data. Manufacturing has a higher weightage at 77.6%, up from 75.5%. Also, since there was criticism regarding inclusion of tax data in price deflators for national accounts, the removal of taxes from data will help compliance with global standards on price deflators used in national accounts, he said.

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The National Industrial Classification 2008 will be followed in the new series for the objective of classification of products as per industries.

"In FY17, as per the new series the industrial growth improved to 5%".

The March IIP data showed that electricity generation went up by 6.2 per cent, while mining rose by 9.7 per cent.

"The value data reported for duch items need to be deflated using an appropiate price deflator. the Wholesale Price Index with base 2011-12 has been used for deflating value based items in the new series of IIP,"CSO said". Since the GVA doesn't factor in indirect taxes, removing the excise duty component from the WPI in manufactured goods is only natural. The RBI's Monetary Policy Committee (MPC), which has a mid-term inflation target of 4 per cent, maintained its hawkish stance on inflation, with most members expressing concern over upside risks to core inflation.

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The Central Statistics Office (CSO), under the Ministry of Statistics and Programme Implementation, revises the base year of the macroeconomic indicators as a regular exercise to capture structural changes in the economy and improve the quality and representativeness of the indices.

The third advance estimates of foodgrain production in 2016-17, released by the ministry of agriculture on Tuesday, signalled a record harvest of 273.38 million tonnes, beating a previous forecast of 271.98 million.

Having similar views, Icra in its research report said said that food d prices have displayed a varied trend in the ongoing month, with an MoM hardening in prices of sugar and milk, a mixed trend for various vegetables and pulses, and a downtrend for several cereals and oils.

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