India’s retail inflation in September 2023 declined to a three-month low of 5.02 per cent, mainly due to easing food prices, according to the latest official data released on Thursday. The CPI inflation has come back to the RBI’s comfort level of below 6 per cent after a gap of two months.
The inflation based on the Consumer Price Index (CPI) had stood at 6.83 per cent in August and 7.41 per cent in September 2022.
The previous low was in June this year when the reading stood at 4.87 per cent. According to the data released by the National Statistical Office (NSO), the inflation in the food basket came down to 6.56 per cent in September from 9.94 per cent in the preceding month.
The Reserve Bank mainly factors in retail inflation while arriving at its bi-monthly monetary policy.
Index of Industrial Production in August 2023
India’s industrial production increased by 10.3 per cent in August, according to the official data released on Thursday. Factory output measured in terms of the Index of Industrial Production (IIP) had contracted by 0.7 per cent in August 2022.
The data released by the National Statistical Office (NSO) showed that the manufacturing sector’s output increased by 9.3 per cent in August 2023. Mining production rose 12.3 per cent during the month under review. Power output grew 15.3 per cent in August 2023. The IIP grew by 6.1 per cent in April-August 2023 compared to 7.7 per cent in the same period of 2022-23.
(With Inputs From PTI)
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