The economy on Friday revealed bad news with retail inflation surging to 5.03 percent In Febuary, Highest In Three Months; January IIP Dips 1.6 percent. India's retail inflation increased to 5.03 percent in February, mainly due to higher food prices, according to government data released on Friday.
Consumer Price Index (CPI), which indicates or measures variations in the cost level of consumer products and services purchased by households. Inflation is characterized as a steady increase in the overall amount of price over time.
According to data released by the Ministry of Statistics and Programme Implementation, the Index of Industrial Production (IIP) dropped by 1.6 percent in January 2021. In December 2020, industrial production increased by 1 percent, and in January 2020, it increased by 2 percent.
The IIP had risen in the preceding two months, in contrast to the contraction seen in January. In November, the index increased by 0.4 percent, followed by a 1 percent increase in December 2020.
In January, manufacturing production decreased by 2.0 percent, while mining output decreased by 3.7 percent. In the meantime, power generation increased by 5.5 percent in January. Inflation declined to 4.06 percent in January, the lowest since October 2019.
After growth in December, the industrial production contracted in January mainly due to weakness in manufacturing and mining component, this despite progressive unlocking by government in most pockets of the country.
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