Ireland Inflation Slows In March

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The CSO data showed that retail inflation slipped to a five-month low 4.28% in March but was higher than 3.89% recorded in the same month previous year.

Consumer food prices rose 2.81% in March, compared with 3.26% in February, as prices of pulses fell more than 13.4% from a year earlier.

Qatar's cost of living, based on consumer price index (CPI), grew 0.4% year-on-year in March mainly on higher expenses, especially towards transport, health, food and clothing, according to official data. As per the CSO data, inflation in the vegetables segment cooled to 11.7 per cent in March from 17.57 per cent in the previous month.

Product-wise, a rise in prices of vegetables, milk-based products, eggs, meat and fish pushed the retail inflation higher on a YoY basis.

The current levels of inflation are far higher than the Reserve Bank of India's (RBI) 4.0 per cent medium-term target. However, the core inflation rose to a 43-month high 5.4 per cent in March 2018, driven by miscellaneous items and pan, tobacco and intoxicants. Bond yields started rising last month, when the government announced to borrow 48 per cent of the total borrowings in the first half of financial year 2018-19.

In terms of industrial production, the CSO data revealed that the Index of Industrial Production (IIP) marginally declined in February to 7.13 per cent from a rise of 7.39 per cent in January 2018 and a mere growth of 1.2 per cent in the corresponding period of past year.

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"In response to the comfortable inflationary position, the Monetary Policy Committee maintained status quo albeit turning hawkish". For the April 2017 to February 2018 period, IIP growth slowed to 4.3% from 4.7% from the same period a year earlier.

Manufacturing sector, which constitutes over 77% of the index, grew at 8.7%.

That had led economists to assume of an uptick.

On month-on-month basis, the urban index rose by 0.86 percent in March 2018, up by 0.04 from 0.82% recorded in February, while the rural index also rose by 0.82% in March 2018, up by 0.05 from 0.77% recorded in February.

"Despite the positive news on the food inflation front, we believe that inflationary pressures remain tilted to the upside and are likely to hover around the 5 per cent mark in FY 2018-19".

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