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15 May 2017, 12:59 | Ruben Fields
The retail inflation based on the Consumer Price Index (CPI), as well as gross domestic product (GDP) data is also calculated on the base year of 2011-12.
Economists say the lower CPI and WPI numbers aren't likely to provide room for any policy rate cut anytime soon due to upside risks to core inflation, which excludes food and fuel.
Overall food inflation, or the rate of price increase, for April was at 0.61 per cent as against 1.93 per cent previously.
India's improving inflation performance has pushed real interest rates - the amount by which they exceed inflation -strongly into positive territory.
The government has revised the base year of Wholesale Price Index, WPI and Index of Industrial Production, IIP to 2011-2012 from 2004-05.
THE government on Friday released Index of Industrial Production (IIP) and Wholesale Price Index (WPI) series with base year of 2011-2012, replacing 2004-05 used till now.
As per the new series data, industrial output growth slowed to 2.7 percent in March as against 5.5 percent a year ago.
However, intermediate goods production grew 3 per cent in 2016-17 while infrastructure and construction goods rose by 3.8 per cent.
Markets Right Now: Stocks move lower on Wall Street USA futures pointed to a slightly lower open on Wall Street as investors awaited the release of retail sales and inflation data. The two-year yield dropped to 1.28 percent from 1.34 percent, and the 30-year yield fell to 2.99 percent from 3.03 percent.
As per the last data, IIP for the month of February fell by 1.2% on year-on-year basis, as against the estimate of 1.3%. The mining sector, however, expanded by 9.7 per cent in March 2017 compared to a growth of 4.7 per cent previous year.
For 2017-18, inflation is projected to average 4.5% in the first half of the year and 5% in the second half.
In Asia, China's annual consumer inflation edged up to 1.2 per cent in April from March's 0.9 per cent, while quickening in Indonesia to a 13-month high of 4.17 per cent.
"From now on the IIP data would have a more realistic coverage and be reflective of the market realities which would be useful for tracking economic activity".
The working group for the development of the methodology of compilation of IIP had recommended that the new item basket for IIP include 55 mining products and 809 manufacturing products, with electricity as a single product.
In the item basket, 149 new products like steroids and hormonal preparations, cement clinkers, medical or surgical accessories, pre-fabricated concrete blocks and refined palm oil have been added.
Economists said the new series reflects the changes in the economy over the years. Inclusion of electricity generation from renewable sources have also been included in the new IIP series.
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