China Inflation At 32-Month High, Producer Prices Rise Most Since 2011

16 February, 2017, 00:57 | Author: Celia Hoffman

WPI inflation in manufactured products, which has a 64.97% we-Our Bureau New Delhi: Costlier fuel and an adverse base effect pushed wholesale inflation to a two-and-a-half year high in January, even as price rise in food items remained muted.

Annual inflation as measured by the Consumer Prices Index (CPI) reached 1.8% last month, the Office for National Statistics (ONS) said, up from a rate of 1.6% in December.

Prices in wholesale markets rose 5.25 percent last month from a year earlier, their fastest gain since July 2014, government data on Tuesday.

The inflation for fuel and power group increased by 4.7 per cent in the wake of higher price of coking coal, aviation turbine fuel, furnace oil, high speed diesel and petrol.

The pound's sharp fall since the Brexit vote has made imports to the United Kingdom more expensive and oil prices have been rising on the back of lower production.

As per the data, food inflation basket witnessed contraction for the second month in a row with inflation at (-) 0.56 per cent in January as against (-) 0.70 per cent in December.

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Last week RBI had decided not to cut interest rates on fear that inflation will rise in coming days. "However, on a month-on-month basis, PPI growth moderated in January, suggesting the inflation momentum may not be as strong at first glance".

Consumer Price Index inflation or retail inflation cooled to a five-year low of 3.17% in January 2017 compared to 3.41% in December as the impact of demonetization played out in the economy.

Consumers in the United States shelled out a total $472.1 billion in January, a 0.4 percent increase over the prior month.

The DIPP also revised upward inflation estimate for November to 3.38% from the earlier provisional estimate of 3.15%. "Meanwhile, some members of the Monetary Policy Committee are clearly becoming twitchy at the pace at which inflation is now rising and the potential overshoot of the 2.0% target rate".

On Monday, the Central Statistics Office (CSO) reported that India's annual retail inflation eased to 3.17 per cent in January from 3.41 per cent in December and 5.69 per cent reported during the corresponding period previous year.

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