India IIP Data Out: Factory Output Contracts Significantly in October
By Malvika Gurung
Investing.com — India’s factory output, as measured by the Index of Industrial Production (IIP) contracted by 4% on an annual basis in October 2022 after expanding by 3.1% in September.
The cumulative industrial production for October declined to 5.3% from 7% in September and 7.7% in August.
Investing.com has forecasted the industrial output for October to contract by 0.3%, in line with the Street’s expectations. The Ministry of Statistics and Programme Implementation released the IIP data for Oct at 5:30 pm on Monday.
Core industries comprise almost 40% of the IIP figure. India’s core sectors’ output growth slowed to 0.1% in September, falling to a 20-month low. Additionally, the country’s merchandise trade deficit jumped by 50.25% YoY in October to $26.91 billion as exports tanked by 17% YoY to $29.78 billion.
Further, India’s country’s retail inflation, as measured by the Consumer Price Index (CPI) tumbled to an 11-month low in November 2022 to 5.88% YoY, cooling significantly from 6.77% in October 2022.
For the first time in 2022, the annual retail inflation fell under RBI’s mandated tolerance band of 2-6%.
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