The ERIL Index of Cost of Project Inputs, the composite project cost index, inched up for the seventh month in February, even as the cumulative increase in the first 11 months of the current fiscal worked out to only 1.5 per cent, which was lower than 2.4 per cent in the corresponding period of fiscal 2012-13 and 5.7 per cent during this period two years ago.

Capital goods production showed 0.8 per cent decline during April-January, whereas production of cement and alloy, and non-alloy steel was up 3.4 per cent and 4.1 per cent respectively during the period. By the way, the final project cost index numbers have tended to be slightly higher than those provisionally assessed earlier in recent months.

Computed by Economic Research India Pvt. Ltd, the ERIL Index measures the overall project cost escalation in terms of WPI of material inputs relevant in project construction.

Trends during February
The combined wholesale price index for non-metallic mineral products rose 0.5 per cent during the month due to higher price of railway sleepers (5 per cent), bricks and tiles (2 per cent) and grey cement (1 per cent). However, the price of marbles declined 2 per cent.

The aggregate WPI for basic metals, alloys and metal products increased 0.4 per cent due to 4 per cent price rise in sponge iron, 2 per cent in melting scrap, and 1 per cent in pencil ingots, ferromanganese, copper/copper ingots, iron castings, silver, gold and gold ornaments, sheets, steel rods, pig iron, rounds, angles, iron and steel wires, wire rods and GP/GC sheets. However, the price of steel castings (2 per cent) and ferrochrome and steel plates (1 per cent each) declined during the month.

The total WPI for machinery and machine tools declined 0.1 per cent due to lower price of control equipment and electric motors (3 per cent each) and machine tools and PVC insulated cables (1 per cent each). However, the price of fibre optic cables increased 5 per cent, fans, conductors, lifts, air conditioners and refrigerators (2 per cent each), and insulators 1 per cent.

The consolidated WPI for transport equipment and parts declined 0.2 per cent due to lower price of buses, mini buses, trucks and parts of ships/boats etc. (1 per cent each). However, the price of shafts (all kinds) moved up 1 per cent.

ERIL INDEX OF COST OF PROJECT INPUTS: FEBRUARY 2014
Wholesale Price Index: 2004-05=100
 
Index
Y-o-Y Increase (%)
Increase Since March (%)
 
 
2014/13
2013/12
2013
2012
Non-metallic Mineral Products 166.5
8.9
6.0
-0.2
4.7
  Structural clay products 180.3
-1.7
5.3
7.6
4.5
  Cement and lime 164.9
-2.9
5.9
-4.3
4.2
Basic Metals, Alloys & Metal Products 166.6
0.9
1.9
1.1
1.1
Ferrous Metals 156.3
1.1
1.0
1.0
-0.1
  Non-ferrous metals 165.4
2.2
2.7
2.4
2.3
Machinery & Machine Tools 132.4
2.4
2.4
2.3
2.3
Industrial Machinery 151.1
2.5
2.6
2.4
2.2
Construction Machinery 136.9
0.3
3.6
0.1
3.5
Air-conditioners & Refrigerators 117.4
3.3
3.2
3.3
3.2
Non-electrical Machinery 124.4
0.7
-0.4
1.1
0.7
Electrical Machinery & Batteries 137.1
2.5
2.2
2.2
2.2
Electrical Accessories, Wires & Cables 151.5
4.8
3.4
4.6
3.2
Transport Equipment & Parts 135.5
2.7
4.9
2.5
4.4
Automotives 135.0
2.7
5.2
2.5
4.7
Auto Parts 134.6
2.7
3.6
2.5
3.2
Composite ERIL Index for Project Inputs 149.6
1.6
3.0
1.5
2.4
Overall WPI 178.9
4.7
7.5
5.2
6.1

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