Industrial production grows 7.1% in February

Downward output Manufacturing output across the UK fell by 0.2 per cent in February marking the first decline since March 2017

Downward output Manufacturing output across the UK fell by 0.2 per cent in February marking the first decline since March 2017

Further, the indices of industrial production for the mining, manufacturing and electricity sectors for the month of February 2018 stand at 110.2, 130.1 and 136.1 respectively, with the corresponding growth rates of (-) 0.3 percent, 8.7 percent and 4.5 percent as compared to February 2017.

Maintaining high growth for the fourth month in a row, industrial production grew at 7.1 percent in February, from a year-ago, mainly driven by a robust performance of the manufacturing sector coupled with a higher off-take of capital goods and consumer durables. The IIP recorded a growth of 8.54 per cent in November, 7.1 per cent in December and 7.4 per cent in January, as per the revised data.

The cumulative growth for the period April - February 2017-18 over the corresponding period of the previous year stands at 4.3 percent.

The pace of economic growth slowed slightly in 2017 as higher inflation caused by the fall in sterling after the Brexit vote hurt consumers, although some exporters have gained from the weaker pound and the stronger euro zone economy.

Among components, production of capital goods showed the biggest monthly fall of 3.6 percent, followed by a 2.1 percent decrease in durable consumer goods output. Electricity generation also grew by 4.5 per cent compared to 1.2 per cent.

Manufacturing output was 2.5 percent higher than its level in February 2017, again less than the 3.3 percent Reuters poll consensus.

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As per data released by the Central Statistics Office (CSO), inflation in the vegetables segment cooled to 11.7 percent in March from 17.57 percent in the previous month.

Retail inflation slowed to 4.28 per cent in March, the third consecutive month of decline, mainly on account of easing food prices including vegetables, government data showed today. However, the core inflation rose to a 43-month high of 5.4% in March, driven by miscellaneous items and pan, tobacco and intoxicants, she added.

However, inflation in fruits basket was higher.

He said the figures looked consistent with first-quarter economic growth of around 0.2 per cent quarter-on-quarter, weaker than the Bank of England's forecast of 0.3 per cent and the 0.4 per cent recorded in the last three months of 2017. Overall, inflation in the food basket was 2.81%, lower than 3.26% in February.

CSO data showed that retail inflation slipped to a five-month low 4.28 per cent in March.

Anis Chakravarty, lead economist and partner, Deloitte India said the downward growth movement of food inflation has had a larger-than-expected role to play in easing inflation prints. and improved monsoon prospects are likely to keep food inflation concerns at bay. With IIP growth exceeding 7 percent for January - February 2018, the outlook for the GVA growth for Q4 FY2018 has become brighter...

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