
Fed Chair Jerome Powell said last week he was not forecasting or expecting a recession but reiterated the US central bank would continue to act 'as appropriate' to keep the expansion now in its 11th year on track. — Reuters pic
The consumer price index (CPI) based retail inflation for July was 3.15 percent, data released by the Central Statistics Office (CSO) showed.
Though CPI inflation is below the RBI's target of less than 4 per cent, the 13th consecutive month that it has remained so, it has gradually inched up from December 2018.
According to data released by the government's statistics wing, the rate of industrial production, as reflected by the Index of Industrial Production (IIP), came in at 4.3 per cent in July as against 1.1 per cent in June and 6.5 per cent in July previous year.
Inflation in the food basket was 2.99 per cent, up from 2.36 per cent in July. Clothing and footwear category, however, saw inflation easing somewhat to 1.23% from 1.37% over the same period.
Aditi Nayar, principal economist at ICRA, the Indian arm of Moody's, said the high frequency data for August 2019 revealed a recovery was not under way, despite a pick-up in industrial growth in July 2019. In the 12 months till August, the CPI increased 1.7 per cent after advancing 1.8 per cent in July.
The retail inflation in health was 7.84 per cent, recreation and amusement 5.54 per cent and personal care and effects 6.38 per cent.
Judgment due in Brexit legal challenge in Northern Ireland
Judges have set aside time, and indicated a willingness to sit over the weekend, to fast-track the hearing of any appeal. It comes after a legal challenge in Scotland found that Mr Johnson's decision to prorogue Parliament was illegal .
Inflation in meat and fish basket was 8.51 per cent, pulses and products 6.94 per cent and vegetables 6.9 per cent.
"The numbers provide some positive news for the output scenario because most of the IIP indicators show an uplift", said D.K. Srivastava, chief policy adviser, EY India.
July was the only month this year when the figure showed a decline after rising gradually since January.
Factory output, as measured by the Index of Industrial Production (IIP), had expanded 6.5 percent in July 2018. The core PCE price index rose 1.6 per cent on a year-on-year basis in July and has fallen short of its target this year. The only solace was in the mining sector, which grew at 4.9 per cent in July as against 3.4 per cent in the corresponding month of the last fiscal.
The cumulative growth for the period April-July 2019 stood at 3.3 per cent, down from 5.4 per cent growth in the same period a year ago.
The reading of these two key economic indicators has prepared the ground for one more rate cut by the Monetary Policy Committee (MPC) when it convenes for its next bi-monthly meeting next month, experts say.
Recommended News
-
Markets Right Now: Stocks rise on hope for progress on trade
SHORT HEM: Tailored Brands plunged 25.8% after giving investors a dismal third quarter profit forecast and halting its dividend. The S&P 500 posted 40 new 52-week highs and 1 new low; the Nasdaq Composite recorded 89 new highs and 27 new lows.University of Tennessee offers full scholarship to boy bullied for homemade T-shirt
The school went even further by adopting the young boy's logo design and selling shirts to benefit an anti-bullying program. His teacher wrote on Facebook that the boy was proud of his creation, but was devastated when other kids made fun of him.Operation Yellowhammer: UK releases 'no-deal' Brexit documents predicting delays at border
Supreme Court is set to consider next week whether the shutdown should be reversed, after conflicting rulings in lower courts. Last week the High Court in London said the decision was inherently political and "not a matter for the courts". -
Moscow contacted Washington over alleged Central Intelligence Agency spy
CNN said on Tuesday the informant had helped show that Putin had directed Russian interference into the election to favor Trump. He was reported to have disappeared with his wife, Antonina, and three children while on holiday in Montenegro in June 2017.Abraham says he 'always wanted to be like' Chelsea legend Drogba
After the close of the worldwide break, Chelsea will be back in action on Saturday when they travel to face Wolves at Molineux. Abraham now finds himself in the position that Drogba once occupied, the starting striker at Stamford Bridge.What Time is ABC’s Democratic Debate?
As Vox notes, every candidate who qualified for tonight's debate is automatically qualified for the October debate as well. Half as many Democrats will compete in the third debate compared to the second DNC debate in Detroit earlier this summer. -
Antonio Brown’s accuser releases statement on sex assault allegations
In the lawsuit , Brown is accused of sexually assaulting a female acquaintance, Britney Taylor , on three separate occasions. He agreed to a deal with the defending Super Bowl champions hours after the Raiders granted his request and let him go.Pilot Spills Coffee, Forces Emergency Landing Of Plane With 326 People
A spokesperson for the airline said the diversion was a " precautionary measure due to a minor amount of smoke in the cockpit ". An accident report has revealed the hot drink damaged an audio control panel, causing an electrical burning smell and smoke.Mike 'The Situation' Sorrentino released from prison
In a statement to Entertainment Tonight , Sorrentino and his wife Lauren said they are elated to close this chapter of their life. Sorrentino pleaded guilty to one count of tax evasion in January 2018 for not fully paying the amount of taxes he owed for 2011. -
New 'SNL' cast member Shane Gillis used racial slur on podcast
And from the world of sketch comes Chloe Fineman a Groundlings vet and a former New Face from Just for Laughs in 2018. There'll be three new faces on " Saturday Night Live " when the popular NBC sketch show returns on September 28.Indonesia`s Habibie, president during transition to democracy, dies
The late Mr Habibie had studied aviation and aerospace engineering in Germany and the Netherlands in the 1960s. Thousands of Indonesians gathered in Jakarta Thursday to bid their final goodbyes to former President B.J.King County teen hospitalized for vaping-related severe lung disease
About 20% of them reported utilizing e-cigarettes previously 30 days - a fee six occasions larger than adults. To date, there have been no confirmed cases in Hawai'i of lung injuries associated with vaping.