Finance

Inflation hits 30-month high to move closer to target

Inflation hits 30-month high to move closer to target”

WPI inflation in manufactured products, which has a 64.97% we-Our Bureau New Delhi: Costlier fuel and an adverse base effect pushed wholesale inflation to a two-and-a-half year high in January, even as price rise in food items remained muted.

According to data released by the Office for National Statistics (ONS) on Tuesday (14 February), inflation rose 1.8% year-on-year in January, up from the 1.6% reading recorded in December and higher than the 1.9% figure analysts forecast.

US consumer prices rose in January at the fastest pace in almost four years, strengthening the case for the Federal Reserve to raise interest rates this year.

United Kingdom inflation is creeping ever closer to the Bank of England's (BoE) 2 per cent target reaching a 30-month high of 1.8 per cent in January.

Similarly, fuel and power price inflation accelerated in January.

In January, the fuel component of CPI rose on rising crude oil prices and a weaker rupee.

Harrison Ford under investigation after near-miss with passenger plane
The actor was inducted as a Living Legend of Aviation, joining the ranks of Neil Armstrong, Morgan Freeman, Tom Cruise and more. He flew his single engine Aviat Husky over an American Airlines 737 loaded with passengers and then landed on the taxiway.

If We Can't Catch Chelsea, Nobody Can - Arsene Wenger
Watch Patrick Davison's interview with Alex Oxlade-Chamberlain ahead of Arsenal's match with Hull City, live on Sky Sports 1 HD and Sky Sports Mix from 11.30am on Saturday.

RFK's son wants to challenge Rauner; Bustos thinking it over
Rauner said he plans to seek re-election. "People are hurting in our state, and they are craving new and fresh leadership". Bruce Rauner, who is locked in a budget battle with Democratic House Speaker Mike Madigan, in the 2018 election.

While headline retail inflation has been under 4 percent since November, well below the RBI's 5 percent target for March and medium-term target of 4 percent, the central bank last week shocked investors by shifting its monetary policy stance to "neutral" from "accommodative", citing upside risks to its inflation target.

CARE economist Madan Sabnavis said " The wholesale price index (WPI) based inflation rate for the month of January 2016 came at 11 month high of 5.25% compared to 3.39% in the previous month. The annual rate was also faster than the expected 6.6 percent.

"Wholesale inflation has gone up and this is due to the firming up of oil prices and select commodities such as basic metal alloys that are mirroring the global trends". These upward pressures were partially offset by prices for clothing and footwear, which fell by more than they did a year ago, the ONS added.

Rural retail inflation was at 3.36 per cent in January compared with 3.83 per cent preceding month. Economists had forecast price growth to rise to 2.4 percent in January. Restaurant prices rose 2.3 percent.

The so-called core CPI, which strips out food and energy costs, rose 0.3 percent last month after increasing 0.2 percent in December.

As a result, the Bank of England has said that it is willing to tolerate an overshoot in inflation beyond its 2% target over the coming months in order to protect jobs.



Like this

Latest


15 February 2017
It's players who make me the captain I am: Kohli
However, Smith has no plans of dictating terms to his teammates, regardless of what approach he takes. I think sometimes he's working on swing rather than bounce and getting that carry through.

14 February 2017
32 dead in Taiwan bus crash: fire department
About 40 passengers were on the vehicle at the time but it was not known if any were from the mainland or Hong Kong. According to reports, the bus was 19 years old and belonged to an agency that runs tours across Taiwan.

14 February 2017
Gasoline prices fall in NY, rise nationwide
Energy Information Administration estimated that U.S. gasoline demand in January was down 6 percent from January 2016. Benchmark U.S. crude rose 86 cents, or 1.6 percent, to close at $53.86 a barrel Friday in NY .

13 February 2017
U.S. 'committed' to Iran nuclear deal — European Union leader
Mogherini held her first meetings with Trump's administration on Thursday at a moment of uncertainty for trans-Atlantic ties. The State Department did not issue a statement about Secretary Tillerson's meeting with Europe's top diplomat.

12 February 2017
Manolo Gabbiadini double helps Southampton thrash sorry Sunderland
Southampton are one of three Premier League sides yet to earn a point away from home in 2017, along with Burnley and Bournemouth. Southampton's club-record signing Sofiane Boufal will miss Saturday's visit to Sunderland because of an ankle injury.

11 February 2017
Activision Blizzard, Inc. (ATVI) Stock Soars on Revenue Growth, Buybacks
BlackRock Institutional Trust Company N.A. boosted its stake in shares of Activision Blizzard by 20.3% in the third quarter. Activision Blizzard earned $1.28 per share (GAAP), or $2.18 on a non-GAAP basis, on $6.6 billion in sales for 2016.

11 February 2017
Toyota's 2018 Tundra and Sequoia gain TRD Sport upgrades, new safety tech
An optional Cold Weather package adds power heated cloth front seats, a heated steering wheel, and a wiper de-icer. Inside, the Sequoia TRD Sport gets TRD Sport floor mats, shift knob and sill protectors.

10 February 2017
John McCain's feud with Donald Trump continues over failed Yemen raid
I think any suggestion otherwise is a disservice to his courageous life and the actions that he just took. Also, check out our Trump Swag store , where you can get your "Illegitimate" t-shirts and more.

10 February 2017
Sentry Investment Management Boosts Position by $12983511 in The Coca-Cola Co (KO)
Argent Capital Management LLC increased its stake in shares of Coca-Cola European Partners PLC by 9.9% in the third quarter. The average twelve-month target price among brokerages that have issued a report on the stock in the past year is $44.31.

09 February 2017
Lady Gaga and Metallica team up for Grammy performance
Others who have confirmed performances include Adele, Bruno Mars, The Weeknd, John Legend and Katy Perry among others. James Corden will host the 59th Grammy Awards ceremony, which airs this Sunday , Feb. 12, at 8 p.m.



Recommended