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Retail inflation rises to 5.21 pc, dashes rate cut hopes

13 January 2018, 05:09 | Jan Cross

Retail inflation rises to 5.21 pc, dashes rate cut hopes

Retail inflation rises to 5.21 pc, dashes rate cut hopes

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The U.S. central bank raised interest rates for three times in 2017 and forecast three rate increases in 2018.

Commenting on India's retail inflation, which grew at 5.2 percent in December, Credit rating agency ICRA on Friday said that the extent of the uptick in IIP growth in November 2017 was far sharper than expected. Economists surveyed by The Wall Street Journal had predicted core prices would rise a more modest 0.2% versus November.

The wholesale price index likely rose marginally to 4.00 per cent in December from November's 3.93 per cent, the poll found.

The data revealed that eggs, vegetables and fruits became costlier, while inflation moderated in case of cereals and pulses.

Miles Eakers, chief market analyst at Centtrip, said: "Inflationary pressure remains stubbornly below the Fed's target of 2%".

Factors that indicate higher December inflation are increased prices for some foods and the impact of higher pay for government employees.

The dollar trimmed losses against a basket of currencies after the data. Prices for U.S. Treasuries fell, with the yield on the interest-rate sensitive two-year note rising to its highest since 2008. Owners' equivalent rent of primary residence climbed 0.3 percent after gaining 0.2 percent in November.

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Among the 12 sub-groups in the food and beverages category, 10 showed a rise in prices. It increased borrowing costs three times in 2017.

USA energy prices were up sharply previous year compared to 2016, with petrol rising almost 11% and fuel oil up more than 15%. That lowered the year-on-year increase in the CPI to 2.1 per cent from 2.2 per cent in November.

Capital goods output, a proxy for investment, grew by 9.4 per cent in November as against 5.3 per cent a year ago. Apparel prices were down 0.5% last month, making it the fourth straight decline.

The slight rise in the CPI in December was driven mainly by higher shelter and food costs, which rose 0.4 percent and 0.2 percent, respectively.

In a separate report on Friday, the Commerce Department said retail sales rose 0.4 percent last month. It revised November data to show a gain of 0.9 per cent instead of the previously reported 0.8 per cent increase.

In a separate report Friday, the Commerce Department said a holiday season jump in online shopping sent USA retail sales higher in December.

Sales last month were supported by a 1.2 percent jump in receipts at gardening and building material stores. Sales at auto dealerships rose 0.2 per cent. The PCE price index was up 1.8% in November from a year earlier, and prices excluding food and energy rose 1.5% on the year. The so-called core PPI increased 0.4 percent in November.

PHD Chamber President Anil Khaitan said that as the teething problems of GST are nearly over, the growth in industrial output has come with a strong rebound and it looks forward to the growth becoming stronger in the coming quarters.



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