Finance

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.

Russian Federation violates Cold War treaty with cruise missile test
Two Russian battalions now have the cruise missiles, according to the New York Times , which first reported the story on Tuesday. The deployment of the missile violates the 1987 Intermediate-Range Nuclear Forces ( INF ) Treaty, as reported by The Hill .

Flu cases high, widespread in SC
Greene County residents can schedule an appointment for a flu shot at the offices of Greene County Public Health in Xenia. According to CBS News, adults are less likely to keep up with the recommended vaccine levels, especially the flu vaccine.

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.

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.

15 February 2017
Malaysia confirms death of Kim Jung-un's half-brother
It is widely speculated that Kim Jong Un felt threatened by his older brother, who had criticized the regime from afar. Kim Jong-nam's mother was a mistresses of Kim Jong-il, with her named smeared by the ambitious Kim Jong-il .

15 February 2017
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.

15 February 2017
Trump Immigration Order Dealt More Setbacks By US Courts
Justice Department's request to pause the underlying case in lower court while the 9th U.S. Circuit Court of Appeals decides whether a larger, 11-judge panel will review the case.

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
Texas governor invokes Deflategate, mocks NFL's stance on 'bathroom bill'
The bill itself would force individuals to use restrooms that correspond with the sex on their birth certificate. The Texas bill is similar in scale and tone to North Carolina's controversial House Bill 2 (HB2) law.

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
Facebook's app for users with spotty internet connections reaches 200 million users
Facebook Lite solves the problem of data usage, and works on 2G as well, which gives it an advantage over the competition. Now, Facebook is making the Lite app more usable for business users.

09 February 2017
Brazil Launches WTO Challenge over Aid for Bombardier
The company also sold a 30 per cent stake in its railway division to pension fund manager Caisse de depot for US$1.5 billion. Canada's International Trade Minister Francois-Philippe Champagne is not deterred.



Recommended