India’s retail inflation eased quite to 6.26 per cent in June, but stayed above the Reserve Bank’s tolerance range (2 per cent-6 per cent) for the second one straight month, government data released on Monday showed. It was once 6.3 per cent in May.
Inflation based on Consumer Price Index (CPI) remained elevated because of soaring fuel prices and costlier items in the food basket.
Food inflation in June accelerated to 5.15 per cent from 5.01 per cent in May.
Inside the food items, the rate of fall in vegetables prices was once at (-) 0.7 per cent in June, as against (-) 1.92 per cent in the preceding month. Meantime, the inflation rate in Food and beverages was once at 5.58 per cent.
Inflation in ‘fuel and light’ category stayed high at 12.68 per cent all over the month as against 11.58 in the preceding month.
The minutes of RBI’s June policy assembly showed that while it continues to concentrate on growth, the Monetary Policy Committee (MPC) would remain watchful on inflation.
Meawhile, Industrial output for the month of May rose 29.3 per cent because of a low-base effect when compared with final year, according to the data released by ministry of statistics and programme implementation (MoSPI).
The factory output, as measured by the Index of Industrial Production (IIP) contracted 33.4 per cent in the same period final year as coronavirus-led lockdown wiped out economic activity.
Nearly all of the sectors under the IIP category registered a sharp growth in May, again because of the low-base effect.
Manufacturing sector output, which accounts for more than three-fourths of all of the index, registered a growth of 34.5 per cent as against a de-growth of (-) 37.8 per cent in the year-ago period.
In a similar way, mining activity, which has a weight of over 14 per cent in the overall index, saw 23.3 per cent growth in comparison to a 20.4 per cent contraction in the same month final year.
Electricity generation growth stood at 7.5 per cent in May as against a fall of (-) 14.9 per cent in the final year period.
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