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IIP grows 1.04% in December, retail inflation eases marginally to 4.06% in January


New Delhi: Consumer Price Index (CPI) inflation eased marginally to 4.06% in January 2021 , as per data released by the Ministry of Statistics & Programme Implementation (MoSPI) on Friday. CPI was at 4.59% in December 2020.

The Index of Industrial Production (IIP) grew 1.04% in December 2020, as compared to a 2.09% contraction in November, according to MoSPI data.

According to IIP data, manufacturing sector output grew by 1.6% in December, while mining output declined by 4.8%. Power generation also grew 5.1%.

Headline inflation has stayed above RBI’s target zone of 2-6% for the past two quarters, with CPI inflation averaging 6.6 per cent in 2020-21 (Apr-Dec). The Reserve Bank last week lowered retail inflation projection for the current quarter of this fiscal at 5.2%.

Eight core industries’ output contracted 1.3 per cent in December 2020 due to fall in steel and fertilizer output, contradicting hopes of a recovery in line with other economic indicators. The index contracted for the third month in a row.

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