Tuesday, 21 November, 2017

Inflation in China is heating up fast

E-mini Dow Jones Industrial Average Daily March E-mini Dow Jones Industrial Average
Devin Neal | 15 February, 2017, 00:57

The producer prices index for January rose 6.9 percent year-on-year, beating analysts' expectations of 6.5 percent, the China National Bureau of Statistics said.

However, the price of mesta, gingelly seed, cotton seed, linseed, coir fibre, rape & mustard seed and niger seed and raw wool and hides also declined.

PwC senior economic adviser, Andrew Sentance, said: "UK inflation has picked up again this month to its highest level since 2014, but the increase was less than many were expecting".

But a pick-up in global crude prices, a volatile foreign exchange market, and relatively high domestic non-food and non-fuel inflation have fuelled concerns among RBI officials.

That however would be to discount the fact that inflation is often a lagging indicator, and that being so close to the target with rates so low and a relatively weak pound is actually pretty precarious.

In January 2016, the print was (-) 1.07 per cent.

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"Bank of England Governor Mark Carney has outlined how policy makers are prepared to look through this increase in inflation, keeping policy on hold amid the heightened uncertainty that the United Kingdom economy faces during the process of withdrawing from the European Union", said Chris Williamson, chief economist at IHS Markit in a note.

During the Budget debate in the Parliament, Finance Minister Arun Jiatley too had said that the demand for perishables had been affected due to demonetisation.

The index for "Machinery & Machine Tools" group declined by 0.1 percent to 135.4 (provisional) from 135.5 (provisional) for the previous month due to lower price of machine tools, pump & assembly and fibre optic cable.

"Higher WPI inflation along with benign CPI (consumer price index) inflation is likely to further widen the wedge between retail and wholesale inflation, with the latter significantly overshooting the former".

With U.S. producers continuing to increase output, however, this evidence is unlikely to emerge in the coming months. However, the prices of fluorescent tubes and conductor, computer peripherals, ball/roller bearing, lamps and earth moving machinery moved up.

In December and November, it stood at 3.39 per cent and 3.38 per cent, respectively.


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