Consumer Inflation At 2.05% In January, Lowest Since June 2017
13 February, 2019, 17:09 | Author: Brooke Harris
Inflation plunged to 1.8 per cent in January the lowest rate for two years, official statistics revealed today.
"Morgan Stanley expects the United States core consumer price index (CPI) to rise 0.2 percent in January, in line with its three-month average, but sees the headline CPI falling for the fourth consecutive month to 1.5 percent from 1.9 percent". Retail inflation based on the Consumer Price Index (CPI) for December 2018 has also been revised downward to 2.11 per cent from the earlier estimate of 2.19 per cent.
For now, headline inflation eased further as food prices extended their fall, albeit at a slower pace.
At the pumps, motorists had lower fuel costs last month, with petrol down by 2.1p per litre on the month to 119.6p.
Inflation peaked at a five-year high of 3.1% in November 2017, above the level of pay growth for British workers, although it has gradually fallen. In urban areas, the inflation rate was 2.91%, the same as in December.
Despite the fall in inflation since late 2017 and the fastest wage growth in a decade, businesses have reported a downturn in consumer spending in recent months.
The prices of vegetables declined 13.32% while prices of sugar and confectionery dropped 8.16%.
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Figures released separately on Tuesday showed industrial output growth rose 2.4 percent in December on the year.
Headline inflation in India has been pulled down to a large extent by low food prices.
The biggest ever monthly fall in gas prices since comparable records began in 1988 coincided with the start of energy regulator Ofgem's cap on household bills.
The Reserve Bank of India, in its sixth bimonthly policy review, revised downwards the path of inflation to 2.8 per cent in the fourth quarter of 2018-19, 3.2-3.4 per cent in first-half of 2019-20 and 3.9 per cent in the third quarter of 2019-20, with risks broadly balanced around the central trajectory. Prices of health related goods increased 8.93% while education related goods rose by 7.99%.
The manufacturing sector grew 2.7% in December, while electricity sector grew 5.5%.
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