CPI Inflation Eases Further To 2% On Falling Food Prices

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Consumer prices rose at an annual rate of 1.8 percent in January after a 2.1 percent increase in December, the Office for National Statistics said on Wednesday.

Figures released separately on Tuesday showed industrial output growth rose 2.4 percent in December on the year.

Consumer inflation stood at a provisional 2.05 per cent in January, its lowest level recorded since June 2017, government data showed on Tuesday.

Inflation peaked at a five-year high of 3.1 percent in November 2017, when British households faced much greater price increases than the European Union average.

The core inflation also fell to 5.4 per cent in January from 5.7 per cent in December alleviating some concerns over stickiness in non-food, non-fuel inflation.

In a surprise move on February 7, the Reserve Bank of India's Monetary Policy Committee (MPC) cut the benchmark repo rate 25 basis points to 6.25 percent, in its first cut in 18 months, and hinted of more room to cut rates.

Mumbai: India's headline and core inflation rates are set to converge in the coming months as the economy slows, increasing the chance of more interest rate cuts.


British consumers have been pressured by inflation after a slump in sterling of more than 10 percent against the dollar and euro since the Brexit referendum in June 2016.

"This reinforces expectations of a rate cut in April", he added.

Mining sector output contracted by 1 per cent in December as against 1.2 per cent growth in December 2017, the data showed. Consumer non-durable goods growth was at 5.3 per cent in December compared with 16.8 per cent growth in the year-ago period.

The Reserve Bank of India, in its sixth bimonthly policy review, revised downwards the path of inflation to 2.8 per cent in the fourth quarter of 2018-19, 3.2-3.4 per cent in first-half of 2019-20 and 3.9 per cent in the third quarter of 2019-20, with risks broadly balanced around the central trajectory.

The ONS figures also suggested less short-term pressure in the pipeline for consumer prices. In rural areas, food prices fell 2.80% and in urban areas, it fell by 0.96%.

A vendor sells vegetables at a retail market in Kolkata, December 12, 2018.

This year, other major central banks have also changed to a dovish stance in the face of rising worries about global growth and the impact of the U.S.

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