Markets

Manufacturing, capital & consumer goods push IIP growth to 7.5%

Manufacturing, capital & consumer goods push IIP growth to 7.5%

Analysts expect food inflation to rise because of the seasonal upturn in vegetable prices in summer, an increase in minimum support price of summer crops that will reflect with a lag, and an upswing in global wheat prices.

United States consumer inflation rose more slowly in February, cooling from January's sudden jump, with steady gains in clothing prices and rent, the government reported Tuesday. The Fed tracks a different index, the personal consumption expenditures price index excluding food and energy, which has consistently undershot the central bank's 2 percent target since mid-2012. Subsequent data have shown that hourly pay gains remain moderate.

Strong inflation numbers in January had sparked fears that price pressures were accelerating, leading financial markets to expect a more aggressive pace of interest rate increases from the Federal Reserve than is now anticipated.

US inflation fears have eased slightly following the latest CPI data, limiting dollar support. Economists were expecting to see a 0.2% rise in price pressures.

Avery Shenfeld of CIBC Economics agrees.

In men's, price increases of 4.3% in shirts and sweaters and 1.2% in trousers and shorts were partially offset by decreases of 0.8% in furnishings and 0.2% in the suits, sport coats and outerwear group. Fuel oil prices declined 3.6%. While not the Federal Reserve's preferred inflation measure, the data shows that price pressures are slowly moving towards the central bank's 2% target. But the Fed's preferred inflation gauge has been nearly entirely below that target for the past six years.

The indexes for shelter, apparel, and motor vehicle insurance all rose and contributed to the 1-month seasonally adjusted increase in the all items index. In contrast, the indexes for communication, new vehicles, medical care, and used cars and trucks declined over the month.




Next week, the Fed is widely expected to raise short-term interest rates for the sixth time since late 2015, when it started lifting rates from almost zero. That's in line with policy makers' outlook for price gains steadily approaching their goal and officials' projection for three interest-rate hikes this year, including one anticipated at the Fed's meeting next week.

The jobless rate is at a 17-year low of 4.1 percent and economists expect it to drop to 3.5 percent by year-end.

The US reported a core inflation rate of 0.2% m/m and 1.8% y/y, exactly as expected and not really exciting.

Talking about the dip in retail inflation, Ghosh, in his report, projected that CPI inflation in March would hover around the same range.

New Delhi- India's factory production grew in January to 7.5 per cent over the same month past year, and marginally over the 7.1 per cent recorded in December 2017, official data showed on Monday.

The January IIP was also boosted by a higher offtake of consumer and capital goods.


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