India's consumer inflation rises to 2.57 pct in February

14 March, 2019, 16:33 | Author: Billie Castillo
  • People walk through The Shops at Columbus Circle mall in New York U.S

The low level of inflation also gives the Federal Reserve more flexibility in holding off on further increases to a key short-term interest rate, enabling the US central bank to provide support for economic growth.

Consumer prices rose 0.2% on a month-on-month basis in February, in line with market expectations.

The retail inflation for the month of January 2019 stood at 2.05 per cent, but was later revised to 1.97 per cent.

The macro-data showed that lower manufacturing sector output massively slowed down India's factory production to 1.7 per cent, from 7.5 per cent reported for the corresponding month of 2018.

The CPI inflation is expected to inch up in February as food prices hardened on a month-on-month basis.

In contrast, deflation in the cost of vegetables and pulses kept food prices subdued.

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The Ministry of Statistics and Programme Implementation (MOSPI) released two sets of key data on Tuesday.

Apparel prices rose 0.3 percent after surging 1.1 percent in January. The core inflation is expected to be steady around 5.4 percent last month as compared to 5.38 percent a month before.

The Commerce Department's price index for personal-consumption expenditures rose 0.1% on the month in December and was up 1.7% from a year earlier-shy of the Fed's 2% year-over-year target. The index was unchanged for three straight months. It hit the USA central bank's 2 percent inflation target in March past year for the first time since April 2012. Annual wage growth jumped 3.4 percent in February, the biggest increase since April 2009, from 3.1 percent in January. A decline in core goods prices (-0.2% m/m) was the culprit behind the softness in core inflation.

"With nothing in the outlook demanding an immediate policy response and particularly given muted inflation pressures, the [Federal Open Market] Committee has adopted a patient, wait-and-see approach to considering any adjustment in the stance of policy", Fed Chairman Jerome Powell said during a speech in Stanford, Calif., last week. Healthcare costs were held down by a record 1.0 percent decline in the price of prescription medication and a 0.7 percent drop in the cost of hospital services.

But prices for new motor vehicles, used cars and trucks, as well as recreation fell. This article is strictly for informational purposes only.

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