Inflation cools, factory output stumbles in March

Inflation cools, factory output stumbles in March

Eurozone industrial production decreased for the third straight month in February, Eurostat reported Thursday. Manufacturing grew by 8.7 per cent marking fourth month of growth over 8.5 per cent. On a YoY basis, the manufacturing sector expanded by a healthy 8.7 per cent, while the mining sector's output dipped by (-) 0.3 per cent and the sub-index of electricity generation increased by 4.5 per cent.

The figures suggests the first three months of 2018 displayed a similar pattern to the end of 2017, with industrial output increasing and building work shrinking for a second consecutive quarter. "With the IIP growth exceeding 7% for January - February, the outlook for the GVA growth for Q4 FY 2018 has become brighter", said Aditi Nayar, principal economist at ICRA.

The cumulative growth in these three sectors during April-February 2017-18 over the corresponding period of 2016-17has been 2.3 percent, 4.6 percent and 5.2 percent respectively.

The weaker than expected February result was due to falling production in all categories - intermediate gods, capital goods and durable and non-durable consumer goods - except energy, the output of which surged 6.8 percent on the month after a 1.1 percent monthly decline in January.

The ONS also released figures for construction output in February which showed a 1.6 percent drop after a 3.1 percent plunge in January - confounding the consensus expectation for a 0.7 percent increase on the month.

While the retail inflation is on the decline, it is still above the RBI's mid-term target of 4 per cent.

More news: Dublin mayor slips past Israeli ban after 'spelling error'

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

In February the central bank raised its growth forecasts for Britain due to the improving global economy and said interest rates were likely to rise faster and to a greater extent than it expected in late 2017.

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.

Inflation in the vegetables segment cooled to 11.7 per cent in March from 17.57 per cent in the previous month. The rate of price rise in the protein rich items like eggs, milk and other products too moderated in March as against the previous month.

However, inflation in fruits basket was higher.

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