Inflation at 5 year low of -0.39%, raises rate cut hope

1. Inflation at 5-year low of -
0.39%, raises rate cut hope
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2. Contd..
Wholesale prices fell the most in five-and-a half years
in January as decline in oil and some food items
resulted in a negative inflation or deflation of 0.39% for
the month, raising hopes of rate cut by RBI. This is the
second time in three months that the wholesale price
index has entered negative territory, as the government
on Monday also revised downwards the inflation
number for November to minus 0.17%, from zero
earlier. Inflation measured on wholesale price index
(WPI) was at 0.11% in December.
Although the prices of certain protein-rich items and
wheat declined during the month, the overall food
inflation was at a six-month-high of 8%, according to
the government data released on Monday. Last time
the inflation had touched this low level was in June
2009 when it was at -0.4%.
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3. Contd..
RBI governor Raghuram Rajan on January
15 reduced interest rates ahead of the
scheduled monetary policy review and it is
expected that he might announce another
cut after Budget in the wake of significant
improvement in the inflation situation.
The next review is due on April 7.Inflation
in `fuel and power segment' was negative
at -10.69% in January , while it was 1.1% in
manufactured products.
The contraction in WPI inflation for petrol
was steeper at 17.1% in January from
11.96% in December. Similarly, the rate of
decline in diesel prices last month was
higher than in the previous month.
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4. Contd..
“Given the continuing trend of moderate inflation both
at the wholesale and retail level and the fact that a
durable recovery in the industrial sector is out of sight,
we hope that the central bank would continue with the
policy rate cut cycle after the forthcoming Budget,“ Ficci
president Jyotsna Suri said. India Inc urged the RBI to
take full advantage of the benign price rise situation by
slashing interest rates in a bid to boost demand and
revive industrial growth. “Full advantage of the low
pricing situation can be taken only if interest rates are
reduced by at least 100 basis points and industrial
growth revived so that the investment cycle can be
revived,“ Assocham president Rana Kapoor said.
PHD Chamber president Alok B Shriram said inflation in
the negative trajectory will be demand inducing and a
major relief for the manufacturers.
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