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HomeBuisnessIndia's CPI inflation falls to three-month low of 5.1% in January 2024;...

India’s CPI inflation falls to three-month low of 5.1% in January 2024; IIP grew by 3.8 percent Pi News

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Retail inflation data for January 2024 has been released.  (Shutterstock)

Retail inflation data for January 2024 has been released. (Shutterstock)

Retail inflation in India eased to 5.1 percent in January 2024 due to a slowdown in food price growth and favorable base effects.

India’s retail inflation eased to 5.1 percent in January 2024 due to a slowdown in food price growth and favorable base effects, according to the latest official data released on Monday.

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Meanwhile, India’s industrial production grew by 3.8 percent in December 2023 based on the Index of Industrial Production (IIP), according to the latest official data released separately. In November 2023, it grew by 6.4 percent.

CPI inflation in India was 6.52 percent in January 2023 and 5.69 percent in December 2023. Inflation in August 2023 was 6.83 percent.

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According to data released by the National Statistics Office (NSO), retail inflation in the food basket stood at 8.3 percent in January 2024 from 9.53 percent in the previous month.

The Reserve Bank of India has been mandated by the government to ensure that retail inflation remains at 4 percent with a margin of 2 percent on either side. In its monetary policy announcement last week, the RBI projected CPI inflation at 5.4 per cent for 2023-24.

He cited “large and recurring food price shocks” as one of the biggest risks to the ongoing disinflationary trend.

Industrial production growth in December 2023

India’s industrial production grew by 3.8 percent in December 2023 based on the Index of Industrial Production (IIP), official data released on Monday showed. In December 2022, it grew by 5.1 percent.

“India’s industrial production index grew by 3.8 percent in December 2023,” an official statement said. According to data released by the National Statistics Office (NSO), manufacturing sector output increased to 3.9 percent in December 2023 from 3.6 percent in the previous month.

In December of last year, mining production increased by 5.1 percent, and energy production increased by 1.2 percent. IIP grew by 6.1 percent during April-December 2023, up from 5.5 percent year-on-year.

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