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Twin Shocks for Economy: Retail Inflation Spikes to Three-year High, Industrial Production Shrinks by -3.8%

News18 logo News18 12-12-2019

In twin shocks for the economy that is battling a prolonged slowdown, the retail price based consumer inflation has spiked to a three-year high while the index of industrial production has contracted, official data showed.

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(Video by CNBC)

According to data released by the statistics office on Thursday, consumer inflation spiked 5.54 percent in November on the back of costlier food items, compared to 4.62 percent in the month of October.

As per the data released by the National Statistical Office (NSO), the inflation in the food rose to 10.01 per cent. This compares with 7.89 per cent October and (-) 2.61 per cent in the year ago-month. The previous high of CPI was 6.07 in July 2016.

On the other hand, the Index of industrial production contracted by -3.8 percent in October, data showed. In October 2018, the factory output had expanded at 8.4 percent.

Manufacturing sector has witnessed a slowdown as production declined by 2.1 percent in October compared to -3.9 percent a month ago. The power generation sector output dipped -12.2 percent in October, compared to -2.6 percent growth a month ago.

© Photo by Himanshu Bhatt/NurPhoto via Getty Images

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