The composite project cost index as measured by ERIL Index of Cost of Project Inputs declined 0.5 per cent during April, the first month of FY15, due to widespread weakening in basic metal prices. The y-o-y increase in the project cost index was also muted at 1.5 per cent over the month.

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

Trends in April
The aggregate wholesale price index (WPI) for non-metallic mineral products rose 0.4 per cent during the month due to higher price of polished granite (8 per cent) and railway sleepers and bricks and tiles (1 per cent each). However, the price of marbles declined 9 per cent.

The combined WPI for basic metals, alloys and metal products declined 1.3 per cent due to lower price of billets (6 per cent), plates (5 per cent), silver (4 per cent), steel castings, angles, and joist and beams (3 per cent each), CRC, rebars, rounds, gold and gold ornaments, and HRC (2 per cent each), and copper/copper ingots, nuts, bolts, screws, washers, pressure cookers, ferrochrome, GP/GC sheets and metal containers (1 per cent each). However, the price of melting scrap increased 2 per cent, and steel rods, steel: pipes and tubes, steel structures and pencil ingots (1 per cent each).

The consolidated WPI for machinery and machine tools was up by 0.2 per cent due to 18 price rise in fibre optic cables, 16 per cent in loaders, 5 per cent in industrial valves, 2 per cent in machine tools, and 1 per cent each in communication equipment and air conditioners and refrigerators. However, the price of washing and laundry machines declined 3 per cent, TV sets 2 per cent, and electric generators and magnets (1 per cent each.

The total WPI for transport, equipment and parts eased 0.1 per cent during the month due to lower price of geared motors (7 per cent), steering gears (3 per cent), and suspension and auto lamps (1 per cent each). However, the price of tractors moved up 1 per cent.

ERIL INDEX OF COST OF PROJECT INPUTS: APRIL 2014
Wholesale Price Index: 2004-05=100
 
Index
Y-o-Y Increase (%)
Increase since March (%)
 
 
2014/13
2013/12
2014
2013
Non-metallic Mineral Products
168.2
10.6
4.1
0.4
-0.4
Structural clay products
183.8
-1.4
3.9
0.3
0.3
Cement and lime
165.7
-3.3
3.9
0.2
-0.6
Basic Metals, Alloys & Metal Products
165.4
0.7
-1.0
-1.3
-0.3
Ferrous metals
155.4
0.5
-2.0
-1.3
0.0
Non-ferrous metals
166.1
3.0
2.6
-0.2
-0.1
Machinery & Machine tools
133.0
2.3
2.8
0.2
0.5
Industrial machinery
151.9
2.3
2.8
0.5
0.6
Construction Machinery
140.9
2.8
3.4
2.9
0.2
Air-conditioners & refrigerators
120.3
5.3
3.6
0.8
0.4
Non-electrical machinery
124.5
1.2
0.7
0.2
0.4
Electrical machinery & batteries
137.5
2.2
2.9
-0.1
0.3
Electrical accessories, wires & cables
151.0
2.5
4.9
-0.1
3.5
Transport Equipment & Parts
135.7
2.7
4.8
-0.1
-0.1
Automotives
135.0
2.7
4.4
-0.1
-0.2
Auto parts
135.6
3.3
2.9
0.1
0.0
Composite ERIL Index for Project Inputs
149.5
1.5
1.5
-0.5
-0.1
Overall WPI
180.2
5.2
4.8
0.2
0.7

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