Wholesale Price Index (WPI) inflation for January is due today. According to a CNBC-TV18 poll, it is seen slightly lower at 7% compared to 7.18% in December. The core inflation data is also seen declining to 4% vs 4.2% last month.
Inflation is trending down for the past 4 months, with respite seen on the 'core' component. However another factor to watch out for is revisions in last month's number.
The Reserve Bank of India (RBI) last month cut interest rates for the first time in nine months, on growing inflation. Meanwhile,poor manufacturing and consumption pulled down industrial production output or IIP -0.6%.
To further add to the gloom, consumer price inflation climbed to 10.79 percent in January, up from 10.56 percent in December. Rural consumer inflation rose to 10.88 percent from 10.74 percent month-on-month and urban inflation climbed to 10.73 percent from 10.42 percent.
Last week, the Central Statistical Office (CSO) has estimated India’s GDP growth for FY13 at a decade low of 5 percent, a number hotly disputed by the finance ministry. In fact, Finance Minister P Chidambaram recently said that some green shoots of recovery were visible.
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