India's retail inflation hits 8-month high of 3.18% on back of higher food prices

Agencies
July 13, 2019

New Delhi, Jul 13: India's macro-economic data presented a slightly grim picture as food prices pushed India's retail inflation higher in June, and lower manufacturing output slowed down the country's industrial production in May.

The two key economic macro-data points -- Index of Industrial Production (IIP) for May and Consumer Price Index (CPI) for June -- were released by the Ministry of Statistics and Programme Implementation on Friday.

As per the data furnished by the National Statistical Office (NSO), higher food prices accelerated India's June retail inflation to 3.18 per cent from 3.05 per cent in May.

However, on a year-on-year (YoY) basis, the CPI in June 2019 was lower than the corresponding period of last year when retail inflation stood at 4.92 per cent.

The Consumer Food Price Index (CFPI) inflated to 2.17 per cent during the month under review from an expansion of 1.83 per cent in May 2019.

Product-wise, the prices of milk-based items, egg, meat and fish increased in March YoY. In contrast, a deflation trend was witnessed in the cost of vegetables and pulses. 

Prices of milk-based products rose marginally by 0.68 per cent, while egg became dearer by 1.62 per cent and meat and fish prices recorded a rise of 9.01 per cent.

On a sub-category basis, vegetable prices increased on a YoY basis in June to 4.66 per cent. The category of "pulses and products" became expensive 5. 68 per cent and that of "sugar and confectionery" (-)0.09 per cent.

In terms of IIP, the country's factory output growth eased in May 2019 as it rose by 3.1 per cent from a revised growth of 4.32 per cent reported for April 2019. 

Even on a YoY basis, May's industrial production growth of 3.1 per cent was lower than the 3.8 per cent achieved during the corresponding month of the previous fiscal. 

"The cumulative growth for the April-May 2019 period over the corresponding period of the previous year stands at 3.7 per cent," the Ministry of Statistics & Programme Implementation said in 'Quick Estimates of IIP.

Besides, the output rate of the manufacturing sector rose 2.5 per cent in May from a year-on-year (YoY) rise of 3.6 per cent. On a YoY level, mining production grew 3.2 per cent from a rise of 5.8 per cent and the sub-index of electricity generation was higher by 7.4 per cent from 4.2 per cent.

Among the six use-based classification groups, the output of primary goods, with the highest weightage of 34.04, grew by 2.5 per cent. The output of intermediate goods, which has the second highest weightage, inched up by 0.6 per cent. 

Similarly, output of consumer non-durables rose 7.7 per cent, however, consumer durables slipped (-)0.1 per cent. 

In addition, output of infrastructure or construction goods increased by 5 .5 per cent, but that of capital goods inched-up by 0.8 per cent. In terms of industries, 12 out of the 23 industry groups in the manufacturing sector have showed positive growth during the month under review as compared to the corresponding month of the previous year.

"The industry group 'Manufacture of wood and products of wood and cork, ex cept furniture; manufacture of articles of straw and plaiting materials' has shown the highest positive growth of 24.8 per cent followed by 15.9 per cen t in 'Manufacture of food products' and 9.4 per cent in 'Manufacture of computer, electronic and optical products." 

"On the other hand, the industry group 'Manufacture of paper and paper pro ducts' has shown the highest negative growth of (-) 12.2 per cent followed b y (-) 9.9 per cent in 'Manufacture of furniture' and (-) 8.7 per cent in 'manufacture of fabricated metal products, except machinery and equipment'." 

On IIP, Aditi Nayar, Principal Economist, ICRA said: "The sequential dip in industrial growth in May 2019 reflects the trend in core sector expansion, which offset the shallower drag from the contraction in auto production, as well as an improvement in growth of non oil merchandise exports." 

According to Madhavi Arora, Economist, Edelweiss Securities said: "The CPI inflation ticks up to 3.18 per cent but remains overall benign... The uptick in June was largely led by sequential uptick in food components, while sequential increase in core components moderated." 

"The food inflation seasonal uptrend will likely continue in the near term , albeit stay benign overall, partly reflecting structural change in food in flation dynamics." 

Devendra Pant, Chief Economist, India Ratings and Research, said: "CPI inflation is likely to follow its gradual increasing trend in the first half of this fiscal and likely to touch 4 per cent mark in third quarter (mainly due to base effect). 

"The August 2019 Monetary Policy growth inflation dynamics of Indian economy are evenly balanced," he said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 21,2020

Bengaluru, May 21: The COVID-19-induced lockdown saw a spurt in crybercrimes in India with Kerala recording the highest number during the period, according to an analysis of IT security solutions provider K7 Computing.

The report analyses various cyberattacks within India during the pandemic and reveals that threat actors targeted the States with COVID-19-themed attacks aimed at exploiting user trust.

The sudden surge in the frequency of attacks witnessed from February 2020 to mid-April 2020 indicates that scamsters across the world were exploiting the widespread panic around coronavirus at both the individual and corporate level, the company said in a statement.

These attacks aimed to compromise computers and mobile devices to gain access to users confidential data, banking details and cryptocurrency accounts.

The key threats seen during this period ranged from phishing attacks to rogue apps disguised as COVID-19 information apps that targeted users sensitive data.

Phishing attacks were noticed more in Tier-II and Tier-III cities while the metros fared better.

Smaller cities saw over 250 attacks being blocked per 10,000 users.

Users from Ghaziabad and Lucknow seem to have faced almost six and four times the number of attacks, respectively, as Bengaluru users.

In Kerala, regions like Kottayam, Kannur, Kollam, and Kochi saw the highest hits with 462, 374, 236, and 147 attacks respectively, while the state as a whole saw around 2,000 attacks during the period, the highest thus far in the country.

This was followed by Punjab with 207 attacks and Tamil Nadu at 184 attacks, the statement said.

A majority of the recorded attacks were phishing attacks with sophisticated campaigns that could easily snare even the most educated users, it said.

These attacks were aimed at heightening users fears and creating a sense of urgency to take action.

The report noted phishing attacks where scamsters posed as representatives of the United States Department of the Treasury, the World Health Organisation, and the Centres for Disease Control and Prevention.

Users were encouraged to visit links that would automatically download malware on the host computer such as the Agent Tesla keylogger or Lokibot information-stealing malware, infamous banking Trojans such as Trickbot or Zeus Sphinx, and even disastrous ransomware.

Other attacks included infected COVID-19 Android apps like CoronaSafetyMask that scam users with promises of masks for an upfront payment; the spyware app Project Spy; and seemingly genuine apps that are infected with dangerous malware like banking Trojans such as Ginp, Anubis and Cerberus, it was stated.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
January 17,2020

New Delhi, Jan 17: A Delhi court Friday issued fresh death warrants for February 1, 6 am against the four convicts in the Nirbhaya gang rape and murder case.

Additional Sessions Judge Satish Kumar Arora was hearing a plea by one of the four death row convicts in the case, Mukesh Kumar Singh, seeking postponement of the date of his execution scheduled for January 22.

Earlier in the day, the Tihar jail authorities sought issuance of fresh death warrants against the four convicts.

Public Prosecutor Irfan Ahmed told the court that Mukesh's mercy plea was rejected by President Ram Nath Kovind on Friday.

The 23-year-old paramedic student, referred to as Nirbhaya, was gang-raped and brutally assaulted on the intervening night of December 16-17, 2012 inside a moving bus in south Delhi by six persons before being thrown out on the road.

She died on December 29, 2012, at Mount Elizabeth Hospital in Singapore.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 29,2020

New Delhi, Jun 29: Delhi Chief Minister Arvind Kejriwal on Monday paid tribute to the senior doctor of city government-run LNJP Hospital who died battling COVID-19, saying the society has "lost a very valuable fighter".

The 52-year-old doctor served in the front line of the war against the pandemic at the government facility, and died of novel coronavirus infection in an ICU of a private hospital on Sunday.

"Dr Aseem Gupta, a senior doctor of LNJP Hospital succumbed to Covid yday. He was known for going out of his way to serve his patients. We have lost a very valuable fighter. Delhi salutes his spirit and sacrifice...," Kejriwal tweeted.

The chief minister also said in his tweet that he has spoken to Dr Gupta''s wife and "offered my condolences and support".

LNJP Hospital is a dedicated COVID-19 facility under the Delhi government. It recently completed 100 days of being declared a coronavirus facility.

"LNJP Hospital has displayed great fortitude in the face of acute challenges. It''s recovery rate is going up, death rate is reducing, ICU capacity is being ramped up - the hospital is saving so many lives," the chief minister said.

A condolence meeting to pay respect to Dr Gupta has been scheduled at 1 pm in the office of the Medical Director of the hospital, a senior official said.

The doctor, a consultant anaesthesiologist died at the Max hospital, Saket in south Delhi, a private dedicated COVID-19 facility.

"He was a front line anaesthesia specialist who contracted COVID-19 infection while on duty. He tested positive on June 6, when he had mild symptoms and was shifted to a quarantine facility. His symptoms aggravated on June 7 and he was admitted in the Intensive Care Unit of the LNJP Hospital," the LNJP Hospital said in a statement on Sunday.

He was shifted to Max Hospital, Saket on June 8 on his request, it said.

The doctor was battling the disease for the last two weeks at Max Hospital, where he succumbed to the illness on Sunday, the statement said.

He was Specialist, Grade I, in the Department of Anaesthesia at the LNJP Hospital, the statement said.

Several hundreds of healthcare workers have been infected with COVID-19 till date in Delhi.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.