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April IIP Contracts By 55.5%; Full CPI May Data Not Released
As per the government release, the IIP for the month of April contracted 55.5% year-on-year, the highest contraction since the year 1996. In the previous month, there was reported a contraction of 16.7%. This was primarily due to the nationwide lockdown that was enforced from March 25 to curb the spread of coronavirus.
Likewise production in most sectors remained hindered.
Also as some of the sectors reported nil production, it shall not be a good idea to compare the data with previous months, and in subsequent months the data shall be revised.
In its release on June 12, the government stated, "In view of the preventive measures and announcement of nation-wide lockdown by the Government to contain spread of COVID-19 pandemic, majority of the industrial sector establishments were not operating from the end of March, 2020 onwards. This has had an impact on the items being produced by the establishments during the month of April, 2020, where a number of responding units have reported NIL production".
Sector wise change has also been calculated based on index data and for the manufacturing the dip has been by 64.3% while for the mining and electricity output reduced by 27.4 percent and 22.6 percent respectively.
Also, the retail inflation measured by CPI has not been released for May month. But it inferred that food inflation came in at 9.69% versus 10.5% in April month.
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