Inflation Came Down Further, Relief For Industrial Workers

Inflation came down further, news of relief for industrial workers.

Retail inflation for industrial workers declined to 4.41 percent in September mainly on the back of lower prices of certain food items.

“Inflation on an annual basis in September stood at 4.41 percent as compared to 4.79 percent in the previous month (August 2021) and 5.62 percent during the same month (September 2020) a year ago.”

The Labor Ministry said in a statement.

Food inflation stood at 2.26 percent as against 4.83 percent in the previous month and 7.51 percent during the same month a year ago, the statement said.

The All India CPI-IW (Consumer Price Index – Industrial Workers) stood at 123.3 points in September 2021, an increase of 0.3 points over August 2021.

On the other hand, output in eight core infrastructure sectors rose 4.4 percent in September, driven by better performance in sectors such as natural gas, refinery products, and cement.

Eight core infrastructure sectors grew by 0.6 percent in September 2020, according to data released by the Ministry of Commerce and Industry.

These eight sectors are coal, crude oil, natural gas, refinery products, fertilizers, steel, cement, and electricity.

The growth rate of these key sectors stood at 11.5 percent in August this year. The weight of these eight major industries in the Index of Industrial Production (IIP) is 40.27 percent.

According to official data, production of natural gas, refinery products, and cement grew by 27.5 percent, 6 percent, and 10.8 percent, respectively, in September 2021.

However, crude oil production declined by 1.7 percent year-on-year in September.

The growth rate of these basic industries stood at 16.6 percent during the first half of the current financial year as compared to 14.5 percent in the same period a year ago.

Petrol prices may come down, know what the Petroleum Minister suggested.

Petrol-Diesel prices may come down. Petroleum Minister Hardeep Singh Puri has said that India will do its best to ensure a reduction in fuel prices in the country in talks with oil-producing countries.

He said that India’s dependence on conventional energy sources like petrol and coal will remain for a very long time and the shift towards green energy sources will happen only when they are affordable.