Retail inflation jumps to 5.2%, dashes hopes of repo rate cut

Retail inflation jumps to 5.2%, dashes hopes of repo rate cut

Friday, the U.S. Consumer Price Index rose 0.1% in December, after increasing 0.4% in November, the U.S. Labor Department said.

According to the data released by The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation, retail inflation went up mostly due to hardening fuel and vegetable prices.

India's retail inflation in December accelerated to the highest in more than an year driven by quicker rises in the prices of food and housing, government data showed Friday.

"For 12 consecutive months from November 2016 to October 2017, the CPI inflation remained below 4 percent..."

On a year-on-year (YoY) basis, the CPI inflation last month was higher than the 3.41 per cent recorded in December 2016. "Given that the MPC responded to the period of transient "low" inflation with only one rate cut of 25 bps in August 2017, we do not expect it to commence hiking rates unless the CPI inflation is forecast to persist above 5 percent for at least two quarters", Nayar said. The rising crude oil prices can further push the fuel inflation. The overall 2.1 per cent price increase was identical to the inflation gain in 2016 with both years up from tiny increases of 0.8 per cent in 2014 and 0.7 per cent in 2015.

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The pullback in energy prices came as gasoline prices tumbled by 2.7% in December following a 7.3% jump in the previous month.

The producer price index for final demand edged down by 0.1% in December after climbing by 0.4% in November.

Meanwhile, the report said core consumer prices, which exclude food and energy prices, increased by 0.3% in December after ticking up by 0.1% in November.

Prices of medical care rose 0.3%, as the index for prescription drugs advanced 1%. Sales at auto dealerships rose 0.2%.