With low global crude prices, inflation to ease further: FM Arun Jaitley
IvanHerty 
31
NEW DELHI: Wholesale inflation has fallen to its lowest level in the last five years. Finance Minister Arun Jaitley today said the fall in international crude oil prices will further help improve the price situation.
“We believe that the fall in prices is in our interest. With the fall in crude oil prices, this downward trend will help improve the price situation. Food prices will continue to rise,” he told reporters here.
However, the minister warned that the future trend of oil prices must be monitored. Jaitley added, “We should not be too optimistic at the moment.”
International oil prices fell to $77 per barrel, a new low in the last four years.
Inflation based on wholesale prices declined. The growth rate of industrial production fell to 1.77% in September from 2.38% in the beginning month of September, the lowest in five years, due to a slowdown in food and fuel price increases.
Industrial production grew at a faster pace in September than in the beginning month of September.
Commenting on the three-month high of 2.5% growth in industrial output in September, Jaitley said he would have been happier if the growth rate had been higher.
The minister said, “2.5% (IIP growth) is not enough to make me laugh. The target is higher and the measures we are taking will take time to show their impact.” .
Factory production is measured through the Indicator of Industrial Production (IIP) ), and the improvement is largely due to increased output in mining and manufacturing, as well as significant consumption of capital goods.
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