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India December Consumer Price Inflation at 17-Month High

12 January 2018

The all-India general CPI inflation surged to 17-month high of 5.21% in December 2017 (new base 2012=100), compared with 4.88% in November 2017. Vegetables contributed 90 basis point to the month-on-month (MoM) rise in the headline inflation number.

Consumer inflation slowed in December to a tiny 0.1 per cent gain as energy costs retreated from a big jump in November.

"For 12 consecutive months from November 2016 to October 2017, the CPI inflation remained below 4 percent..."

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The Labor Department's Consumer Price Index or CPI for December will be published at 8.30 am ET.

According to some economists, the latest rise in core inflation provides some incentive to raise interest rates. Prices for US Treasuries fell, with the yield on the interest-rate sensitive two-year note rising to the highest since 2008. Economists had expected prices to rise by 0.2%.

Falling energy prices held down United States consumer price increases in December, while inflation for all of 2017 was steady or even lower than 2016, according to government data released today. The overall 2.1 per cent price increase was identical to the inflation gain in 2016 with both years up from tiny increases of 0.8 per cent in 2014 and 0.7 per cent in 2015. The December decline was led by a 2.7 per cent drop in the price of gasoline, which had jumped 7.3 per cent in November.

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Shelter costs rose 0.4% in the month, while medical care increased 0.3% and food was up 0.2%.

Meanwhile, the report said core consumer prices, which exclude food and energy prices, increased by 0.3% in December after ticking up by 0.1% in November.

The producer price index for final demand edged down by 0.1% in December after climbing by 0.4% in November. Data for November was revised to show sales gaining 0.9% instead of the previously reported 0.8% increase.

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India December Consumer Price Inflation at 17-Month High