India's Industrial Output Rebounds; Inflation Slows

Inflation on traditional Chinese medicine reached 5.3% in December

Manufacturing sector, which constitutes over 75 per cent of the index, grew at 5.5 per cent in November.

In terms of industries, 16 out of 22 industry groups in the manufacturing sector have shown growth during the month of November 2016 as compared to the corresponding month of the previous year.

Inflation measured by the Consumer Price Index (CPI) eased to 3.41% in December versus 3.63% seen in November 2016.

Electricity generation rose nearly 9%, against just 1% a year ago; mining production rose 4%, against a decrease of 0.7% in November 2015. Between April and November, industrial output growth rose 0.4% compared to 3.8% expansion in the year ago period, reflecting the sluggishness still persisting in the sector. The consumer durables sector rose 9.8% compared to a growth of 12.2%.

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During the April-November period, the manufacturing sector recorded a contraction of 0.3 per cent compared to a growth of 3.9 per cent.

The Consumer Price Index (CPI)-based inflation stood at 3.63 per cent in November 2016, as per the data released by the Ministry of Statistics and Programme Implementation.

Consumer price inflation for urban areas stood at 2.90 per cent in December 2016 against 3.05 per cent in November and 4.37 per cent in December 2015.

India's factory output rose 5.7 per cent in November, the first month of the government's demonetisation drive, while retail inflation declined to 3.41 per cent in December from 3.63 per cent in the month before, official data showed on Thursday.

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Inflation in vegetables category slipped further in the negative territory to (-) 14.59 per cent, as against 10.29 per cent in November.

While saying that the impact of demonetisation would be transitory and monetary policy needed to look beyond its effects, the central bank had also said that a "disconcerting feature of recent developments is the downward inflexibility in inflation excluding food and fuel which could set a resistance level for future downward movements in the headline". "The rise in the index was caused by increases in prices of Meat, Bread and cereals, Oil and Fats, Fish, vegetables, milk and cheese and eggs, fruits and Potatoes, yam and other tubers", the NBS report read. However, Urban CFPI stood at 0.15% in December as against 0.75% in November and 6.31% in December 2015.

NBS noted that during the month, all major food sub-indexes increased, with soft drinks recording the slowest pace of increase at 7.66 per cent year on year.

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