Economic Buzz: India CPI Eases To 7.01% In June; IIP Up 19.6% In May

13 Jul 2022 , 01:31 PM

Indias consumer price inflation climbed 7.01 percent year-over-year in June, following a 7.04 percent rise in May, official data showed on Tuesday. The central bank targets inflation of 4.00 percent, with a tolerance band of 2.00 percent at the lower end and 6.00 percent on the upper side. Prices for fuel and light grew the most, by 10.39 percent annually in June. This was followed by a 9.52 percent rise in clothing and footwear and a 7.56 percent increase in food and beverage prices. Data also showed that food price inflation eased to 5.15 percent in June from 7.97 percent in May. On a monthly basis, consumer prices moved up 0.52 percent in June and food prices gained 0.99 percent. Meanwhile, industrial production logged a double-digit growth in May, underpinned by strong growth across manufacturing, electricity and mining, data released by the National Statistical Office showed on Tuesday. Industrial output grew sharply by 19.6 percent on a yearly basis in May, much faster than the 6.7 percent increase seen in April. Among major sectors, electricity output posted the biggest annual growth of 23.5 percent. Manufacturing output advanced 20.6 percent and mining was up 10.9 percent. In the April to May period, industrial production grew 12.9 percent from the same period last year, data showed. Powered by Commodity Insights