December India's retail inflation grows 5.21 percent

December India's retail inflation grows 5.21 percent

Shoppers look over shoes on sale at a Macy's store in New York, NY, U.S. on November 23, 2012. Moreover, stronger inflation numbers should give the Federal Reserve confidence to raise interest rates this year at a steady clip, which can also be bearish for bonds. The U.S. central bank hiked borrowing costs three times in 2017.

The retail inflation, based on the consumer price index, was 4.88 per cent in November and 3.41 per cent in December 2015.

Total retail sales rose to $495.4 billion in the final month of the year, a 0.4 percent increase compared to November. The cumulative growth for the period April-November 2017 over the corresponding period of the previous year stands at 3.2 per cent.

The core inflation rose 1.8 percent for the 12 month ending December.

USA inflation has been largely subdued for the past half-decade, perplexing Federal Reserve officials who predicted bigger wage and price increases as the supply of labor and other economic resources became more scarce.

Economists are hoping that a tightening labor market and recent weakness in the dollar will lift inflation toward the Fed's 2 percent target this year.

The US central bank's preferred inflation measure, the personal consumption expenditures price index excluding food and energy, has undershot its target since May 2012. U.S. stock index futures pared gains. Excluding sales of automobiles, it remained a 0.4% rise, matching expectations and following 1.3% in November, which was revised up from 1%. Owners' equivalent rent of primary residence climbed 0.3 percent after gaining 0.2 percent in November.

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In addition, used auto and truck prices jumped 1.4 percent in the month, while new vehicle prices gained 0.6 percent. It increased borrowing costs three times in 2017. Economists were expecting to see a 0.2% rise in price pressures. According to GasBuddy, the average price of gasoline at the pump in America was just above $2.50 per gallon at the start of January.

The dollar briefly trimmed losses against a basket of currencies after the CPI data, but later slumped to a four-month low.

But apparel prices fell for the fourth consecutive month, and airline fares fell 0.5 percent after a 2.4 percent drop in November. Mining production grew 1.1 percent in November from a subdued growth of 0.2 percent a month ago.

Sales last month were supported by a 1.2 percent jump in receipts at gardening and building material stores.

For the full year, CPI rose 2.1 percent, the same as 2016, while core CPI slowed, posting a 1.8 percent increase after the 2.2 gain in the previous year.

PHD Chamber President Anil Khaitan said that as the teething problems of GST are nearly over, the growth in industrial output has come with a strong rebound and it looks forward to the growth becoming stronger in the coming quarters.

The 10-year breakeven rate ended marginally higher on the day at 2.02 percent in advance of next week's $13 billion of 10-year TIPS supply.

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