Inflation And IIP Data: Retail inflation stood at 6.26 per cent in June. Last month this figure was at 6.3 per cent. This information has been received from the official data released on Monday. Inflation based on the Consumer Price Index (CPI) has remained above the Reserve Bank’s level for the second consecutive month.
The government has fixed the level of RBI to keep retail inflation at a margin of 2 per cent with 4 per cent. According to data released by the National Bureau of Statistics (NSO), inflation in food articles stood at 5.15 per cent in June. It was 5.01 per cent in the month of May.
IIP figures in May
At the same time, the country’s industrial production (IIP) increased by 29.3 percent in May. This information has been received from its official data released on Monday. The main reason for this high growth is the low base of last year. In May 2020, there was a decline of 33.4 percent in IIP. If we compare the partial figures of May 2021 with May 2019, then there will be no change in industrial production. According to the Index of Industrial Production (IIP) data released by the National Bureau of Statistics (NSO), the manufacturing sector’s output grew by 34.5 per cent in May 2021.
Mining output increased by 23.3 per cent and energy output by 7.5 per cent in May. IIP had declined by 33.4 per cent in May 2020. Industrial production has been badly hit by the corona pandemic since March last year, when it saw a decline of 18.7 per cent. After the lockdown imposed to prevent corona virus infection in April 2020, it declined by 57.3 percent due to a decrease in economic activity. IIP saw a growth of 5.2 per cent in February last year.
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Finally, overall, all the economic figures of the country are still in a bad state. Along with this, inflation is also increasing. Due to this the common man is facing a double whammy.
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