Retail inflation slows to 3.17% in January

Inflation

Consumer Price Index (CPI), or retail inflation, for the month of January stood at 3.17% said Ministry of Statistics and Programme Implementation (MOSPI) on Monday.

Inflation in vegetables was negative at (-) 15.62% from (-) 14.59% a month ago and for pulses and products, prices deflated by (-) 6.62%.

Howard Archer, chief United Kingdom and European economist at IHS Global Insight, also expects inflation to have reached 1.9 per cent in January, and to climb to three per cent by December.

The National Institute of Social and Economic Research said GDP grew by 0.7 per cent over the three months to the end of January, following growth of 0.6 per cent for the last quarter of 2016.

Edible oils and fats prices increased by 3.12 per cent, whereas those for sugar and confectionery edged up by 18.69 per cent on a YoY basis.


Discretionary spending on goods and services in the retail inflation index excluding food and fuel, which constitute 16 percent of the CPI basket, appear to have been worst affected by restricted access to cash.

Experts said the non-food components have shown higher price increases.

Rural retail inflation was at 3.36% in January compared with 3.83% preceding month.

The price data also held out pointers on demonetisation's effect on prices of housing, fuel and light, health, transport and communication, pan, tobacco and intoxicants, and education that together account for 38 percent of India's retail inflation basket. But a pick-up in global crude prices, a volatile foreign exchange market, and relatively high domestic non-food and non-fuel inflation have fuelled concerns among RBI officials.

Also, earlier this month the Bank of England said it expects inflation to rise well above its 2% target for the next three years, peaking at 2.8% in the first half of 2018.

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