China factory-gate inflation up for fifth straight month

Brittany BishopFeb 16, 2017

Meanwhile, the all-India consumer price index (CPI) on base 2012=100 stood at 3.17 (provisional) in January, 2017 compared to 3.41 (final) in December, 2016 and 5.69 in January, 2016, according to the Central Statistics Office, ministry of statistics and programme implementation.

Inflation at the USA wholesale level posted the biggest increase in January since 2012, propelled by rising gasoline prices.

The Bank of England forecast earlier this month that inflation will rise above 2.7 percent in around a year's time as Britain's vote to leave the European Union pushes up the cost of imports. While rising demand and higher commodity costs are reviving price pressures in the production pipeline, renewed strength in the dollar may pose a headwind.

On a month-on-month basis, PPI rose 0.8 percent, slower than December's 1.6 percent, the first slowdown in five months.

"High core WPI and CPI inflation continues to weaken the case for a rate cut in the foreseeable future", said Upasna Bhardwaj, senior economist at Kotak Mahindra Bank. But the jump narrowly missed analyst expectations for a 1.9 per cent increase, just below the Bank of England's official 2 per cent target.

As well as fuel, the ONS said food prices also contributed to the rise in inflation, as prices were unchanged between December and January, having fallen a year ago.

For pulses and products also, the inflation rate was in negative zone at (-) 6.62 per cent.

Rural retail inflation was at 3.36 per cent in January compared with 3.83 per cent preceding month.

There was a sharper decline in clothing and footwear prices this year than last year which curbed upward pressure on the overall inflation rate.

Historically, India has paid more attention to wholesale prices than consumer ones, but the RBI now tracks retail inflation for setting its interest rates.

Given the resilience of United Kingdom data so far, today's figures may provoke debate amongst Monetary Policy Committee members around the timing of the next rate rise.

And producers' input costs, for materials and fuel, were in January up by 20.5 per cent on the same month of 2016 - the fastest year-on-year increase since September 2008.

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