Analysis of seasonal behavior helps in differentiating between the seasonal changes and long-run changes of economic time series, which is useful for understanding the underlying economic phenomenon. This article presents the estimated monthly seasonal factors of selected 85 economic/financial time series covering five broad sectors, namely, Monetary and Banking; Price; Industrial Production; External Trade and Services Sector, over the period 2005-06 to 2014-15. Analysis of average seasonal factors during the last 10 years (2005- 06 to 2014-15) revealed that the seasonal peak occurred during March-May for majority of monetary and banking indicators and Industrial production. Seasonal variation was found to be higher among sub-group (NIC 2 digit) level items of IIP-manufacturing and ‘coal production’. Seasonal variation was found to be minimal in CPI (AL, RL and IW) and WPI-all commodities. WPI-food article was, however, found to have higher seasonal variation with seasonal peak in October due to festive season. On the other hand, WPI-manufactured items indicated very low variation in seasonal factors and the seasonal peak occurred in May. Among service sector indicators like ‘sales of commercial motor vehicles’ and ‘production of commercial motor vehicles’ exhibited high seasonal variation. Seasonal fluctuation of monetary and banking series was found to have moderated during the last 10 years (2005-06 to 2014-15). Out of broad categories of IIP, seasonal variation increased for ‘consumer goods’ (durables and non-durables), ‘mining’, ‘manufacturing’ and ‘electricity’. Further, similar variation was observed in ‘cement production’, ‘coal production’, ‘crude oil production’ and ‘petroleum refinery production’. Among WPI items, seasonal variation of ‘food items’ increased significantly. During 2014-15, the seasonal peak and trough was found to have shifted by one month for majority of series though seasonal variation remained same compared to the last five years (2009-10 to 2013-14). Economic variables, when measured at a frequency less than a year (e.g., weekly, monthly, quarterly etc.), may exhibit seasonal fluctuations around its annual trend. Such seasonal variations can occur due to climatic conditions, production cycle characteristics, seasonal nature of economic activity, festivals, vacation practices etc. Analysis of its direction and magnitude is useful in interpretation of movements of economic variables over time. Seasonal adjustment, i.e., removal of seasonal effects, helps in bringing out long-run changes in the variables and is useful from the policy perspective in understanding the underlying economic phenomenon. Prior knowledge of seasonal fluctuations also allows the economic agents to setup policies or measurements to attenuate the impact. Towards this objective, monthly seasonal factors for selected economic and financial time series of the Indian economy are being regularly published in the RBI Bulletin since 19801. 2. Data Coverage and Methodology For estimating and analysing the seasonal factors, 85 monthly economic/financial time series in the Indian context, covering (i) Monetary and Banking Indicators (17 series); (ii) Wholesale Price Index (WPI) (26 series); (iii) Consumer Price Index (CPI) (3 series); (iv) Industrial Production (29 series); (v) External Trade Sector (3 series) and (vi) Service Sector Indicators (7 series) have been considered in this article. The reference period was broadly considered as April 1994 to March 2015, i.e., last 20 years. For some series, the reference period was 10 years depending on the availability of consistent time series data. The seasonal factors have been estimated using X-13ARIMA-SEATS software package, developed by the US Bureau of Census2, taking care of Diwali as major festival as well as trading day effects. The seasonality of the series is further subjected to various parametric and non-parametric statistical test procedures for their statistical significance. 3. Salient Findings 3.1 Seasonal Variation during Last Ten Years (2005-06 to 2014-15) The average monthly seasonal factors over the last ten years (2005-06 to 2014-15) are presented in Table 1. The annual estimates of seasonal variation, in terms of range (difference between peak and trough values of seasonal factors (SF) during a year), during the period, are presented in Table 2. The changing pattern of seasonality in the latest period i.e., 2014-15 is provided in Table 3. The list of top-twenty and bottom-twenty series based on the average range of seasonal factors, during last five years (i.e., 2010-11 to 2014-15) and the corresponding peak and trough months are presented in Table 4. The salient features of observed seasonal variation over the reference period are briefly discussed below. 3.2 Characteristics of Seasonal Factors 3.2.1 Seasonality across Indicators • Monetary and Banking Indicators: Seasonal variation remained stable and range bound for majority of monetary and banking indicators during the last 10 years. Aggregate deposits of schedule commercial banks (SCB) exhibited the lowest seasonal variation (average range =1.8), followed by broad money (average range =2.4) and bank credit (SCB) (average range = 3.5). Within aggregate deposits, seasonal variation of time deposits started moderating post 2009-10. Seasonal variation of broad money remained at a lower level than narrow money and reserve money. Assets with the banking system (SCB) and demand deposits (SCB) exhibited very high seasonal fluctuation (Table 2). 15 out of 17 series (around 90%) have been found to have seasonal peak during March-May while seasonal trough of majority of series happened during August- September and in December (Chart 1).  • Wholesale Price Index: The seasonal fluctuation of WPI-all commodities increased marginally during the last 3 years primarily due to increase in seasonal fluctuation in prices of primary articles. Within primary articles, the seasonal variation of food articles remained much higher than non-food articles. Among food articles, WPIfruit & vegetables and WPI-egg indicated the highest average seasonal variation of 17.7 and 11.2 respectively (Table 2). On the other hand, WPImanufactured products exhibited very low seasonal fluctuation. Majority of WPI series exhibited seasonal peaks in January and between August-October while the seasonal trough was visible in March for 10 out of 26 series (Chart 2). Seasonal peaks of WPI-manufactured products were observed in May whereas WPI-food articles were found to have the highest seasonality in October.  • Consumer Price Index: The seasonal variation in CPI series remained low. In the case of CPI for Agricultural Labourers (AL) and Rural Labourers (RL), similar movement in seasonal variations was observed during the last ten years with CPI-AL having consistently higher variation than the CPIRL. The seasonality of different CPI series were marginally higher than WPI-all commodities. However, the gap between seasonal variation of CPI series and WPI-all commodities narrowed down in recent times (Chart 3 & Table 2). CPI series were found to have the highest seasonality in October, probably due to the festive season, while seasonal peak month for WPI occurred in August.  • Industrial production: The seasonal variation was found to be high in IIP-general index during the last 10 years (2005-06 to 2014-15). As per use-based classification, IIP-consumer non-durable and IIPintermediate goods exhibited high and low seasonal fluctuation respectively (Table 2). IIP for mining and electricity exhibited the highest and the lowest seasonal variation respectively. Among the core-industries, seasonal patterns are found to be consistently higher for cement production compared to steel production. The highest seasonal fluctuation was observed in March for majority of IIP series while February, April and August-September observed low level of seasonal variation for these series (Chart 4).  • Service Sector Indicators: Seasonal variation was higher for passenger kilometer flown in the domestic sector compared to that of international destinations and the gap between seasonal fluctuations widened till 2010-11 after which it started narrowing down. Expectedly, domestic passenger air traffic peaked in months of May and December coinciding with school holidays. During the reference period, seasonality in ‘railway freight traffic’ was higher as compared to that of ‘cargo handled at major ports’ and the seasonal variation of ‘cargo handled at major ports’ also moderated gradually (Table 2). The seasonal peak and trough were observed in March and September respectively for most of the series (Chart 5).  • External Trade (Merchandise): The seasonal variation in exports rose since 2009-10 while that in non-oil non-gold imports declined during the same period (Chart 6 & Table 2). Seasonal variation of merchandise exports was found to be higher in March while the trough happened in November. On the imports side, seasonality of merchandise imports (including non-oil, non-gold import) peaked in May and it was the lowest in February. 3.2.2 Indicators with High and Low Seasonality Based on the average range of monthly seasonal factors during last five years (i.e., 2010-11 to 2014-15), external trade and service sector indicators have exhibited highest seasonal volatility followed by industrial production (IIP General and its components) while seasonal variations of WPI and CPI have been found to be lower than other series. Money and banking series have shown lower seasonal variability relatively. Comparing seasonal variability of all 85 series, ‘IIP-Food products and beverages’ (Peak seasonal factor value of 134.8 in January vis-à-vis trough value 69.5 in September), ‘IIP-fabricated metal products, except machinery & equipment’ (Peak seasonal factor value of 139.7 in March vis-à-vis trough value 83.2 in April), ‘coal production’ (Peak seasonal factor value of 135.8 in March vis-à-vis trough value 81.9 in September), ‘sales of commercial motor vehicles’ (Peak seasonal factor value of 128.2 in March vis-à-vis trough value 87.3 in September) and ‘production of commercial motor vehicles’ (Peak seasonal factor value of 116.8 in March vis-à-vis trough value 89.5 in June) have exhibited high seasonal variation. On the other hand, ‘WPImanufactured products’, ‘WPI-non food manufactured products’, ‘WPI-edible oil’, and ’WPI-milk’ have shown low seasonal variation (Table 4). 3.3 Changing Seasonality 3.3.1 Pattern in Seasonal Fluctuation over Last 10 Years Seasonal fluctuations in some of the indicators were found to be varying over past 10 years and also the pattern of change differed among indicators. A regression based test3 indicates that seasonal fluctuation moderated in 39 series, 30 series exhibited increased volatility of seasonal component and remaining 16 series maintained the same level of volatility in terms of seasonality over the years (Chart 7). Out of these series, seasonal fluctuation of monetary and banking series moderated or remained same over last 10 years. Among the broad categories of IIP, seasonal variation increased for ‘consumer goods’ (durables and nondurables), ‘mining’, ‘manufacturing’ and ‘electricity’. In the core industries, similar pattern was observed in ‘cement production’, ‘coal production’, ‘crude oil production’, and ‘petroleum refinery production’. Among WPI items, seasonal variation of ‘food items’ increased significantly during the last 10 years. 3.3.2 Change in Seasonal Peak and Trough Months The seasonal peak and trough months shifted in the recent period (2014-15) as compared to last 5 years (2009-10 to 2013-14) in respect of some of the indicators. However, the shift was by only one month for majority of these series. Out of 17 series under money and banking category, seasonal peak and trough month shifted for 2 series and 11 series respectively while they remained unchanged for 5 series. Similarly, out of 26 WPI series, shift in seasonal peak and trough was observed for 9 and 7 series respectively whereas no change in seasonal peak-trough was observed in 14 series (Chart 8). In the above, shifting of both peak and trough months was observed only in 5 series, namely, ‘cash in hand and balances with RBI (SCB)’, ‘WPI-milk’, ‘WPI- sugar’, ‘WPI- edible oils’ and ‘WPI- non-food non-fuel’. 3.3.3 Seasonal Variation in the Latest Year Across 85 series, seasonal variation was found to remain in the same level in 2014-15 compared to the last five years average (2009-10 to 2013-14) indicating no significant change in seasonal fluctuation in recent times (Chart 9). 
| Table 1: Average Monthly Seasonal Factors of Selected Economic Time Series | | Series Name | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Jan | Feb | Mar | | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | | A.1.1 Broad Money (M3) | 101.5 | 100.9 | 100.2 | 100.2 | 99.8 | 99.6 | 99.7 | 99.4 | 99.0 | 99.4 | 99.6 | 100.9 | | A.1.1.1 Net Bank Credit to Government | 101.5 | 101.4 | 100.9 | 101.5 | 100.8 | 99.6 | 99.6 | 99.7 | 97.4 | 98.8 | 98.7 | 100.2 | | A.1.1.2 Bank Credit to Commercial Sector | 101.0 | 100.2 | 100.1 | 99.2 | 99.0 | 99.8 | 99.2 | 99.3 | 99.9 | 99.7 | 100.1 | 102.4 | | A.1.2 Narrow Money (M1) | 102.4 | 101.4 | 100.7 | 99.2 | 98.7 | 99.3 | 98.2 | 98.5 | 99.2 | 99.1 | 100.0 | 103.4 | | A.1.2.1 Currency with Public | 103.0 | 103.4 | 101.9 | 99.4 | 98.5 | 97.4 | 98.2 | 99.0 | 99.1 | 99.6 | 100.3 | 100.3 | | A.1.3 Reserve Money (RM) | 102.8 | 101.8 | 101.2 | 99.8 | 98.9 | 98.0 | 98.2 | 99.0 | 98.6 | 98.6 | 99.0 | 104.3 | | A.1.3.1 Currency in Circulation | 102.9 | 103.3 | 102.0 | 99.3 | 98.5 | 97.3 | 98.4 | 99.1 | 99.2 | 99.6 | 100.2 | 100.4 | | A.1.3.1.1 Notes in Circulation | 102.9 | 103.4 | 102.0 | 99.3 | 98.5 | 97.2 | 98.4 | 99.0 | 99.1 | 99.6 | 100.2 | 100.5 | | A.2.1 Aggregate Deposits (SCBs) | 101.0 | 100.4 | 99.6 | 100.3 | 100.0 | 99.9 | 100.1 | 99.6 | 99.2 | 99.5 | 99.7 | 100.6 | | A.2.1.1 Demand Deposits (SCBs) | 101.4 | 98.4 | 98.1 | 98.4 | 98.6 | 101.9 | 98.2 | 98.0 | 99.5 | 99.0 | 100.0 | 108.3 | | A.2.1.2 Time Deposits (SCBs) | 100.8 | 100.6 | 99.9 | 100.6 | 100.2 | 99.6 | 100.3 | 99.9 | 99.1 | 99.6 | 99.6 | 99.7 | | A.3.1 Cash in Hand and Balances with RBI (SCBs) | 103.5 | 99.1 | 100.7 | 101.4 | 101.5 | 101.3 | 99.4 | 100.6 | 98.3 | 97.1 | 98.2 | 99.6 | | A.3.2 Assets with the Banking System (SCBs) | 103.5 | 100.9 | 102.1 | 97.6 | 98.2 | 99.0 | 97.8 | 94.2 | 97.7 | 96.2 | 99.5 | 113.1 | | A.3.3 Bank Credit (SCBs) | 101.2 | 100.3 | 100.2 | 99.5 | 99.0 | 99.5 | 99.0 | 99.1 | 99.7 | 99.8 | 100.2 | 102.5 | | A.3.3.1 Loans, Cash, Credits and Overdrafts (SCBs) | 100.6 | 100.0 | 100.3 | 99.0 | 98.8 | 100.6 | 99.1 | 99.1 | 99.6 | 99.6 | 100.0 | 103.2 | | A.3.3.2 Non-Food Credit (SCBs) | 101.4 | 100.0 | 99.9 | 99.5 | 99.0 | 99.6 | 99.2 | 99.1 | 99.7 | 99.8 | 100.2 | 102.6 | | A.3.4 Investments (SCBs) | 100.6 | 100.6 | 100.1 | 101.2 | 101.8 | 100.9 | 100.9 | 100.3 | 98.5 | 98.8 | 98.8 | 97.6 | | B. WPI (Base: 2004-05=100) All Commodities | 100.0 | 100.0 | 100.1 | 100.6 | 100.8 | 100.7 | 100.5 | 100.2 | 99.4 | 99.6 | 99.1 | 99.2 | | B.1 WPI - Primary Articles | 99.4 | 99.6 | 100.4 | 101.3 | 102.0 | 101.5 | 101.3 | 101.1 | 99.1 | 98.8 | 97.8 | 97.6 | | B.1.1 WPI - Food Articles | 98.8 | 99.1 | 99.9 | 101.5 | 101.9 | 102.3 | 102.7 | 102.1 | 99.0 | 99.0 | 97.0 | 96.6 | | B.1.1.1 WPI - Food Grains (Cereals+Pulses) | 99.1 | 99.0 | 99.1 | 99.7 | 100.2 | 100.3 | 101.2 | 101.1 | 100.6 | 100.4 | 100.1 | 99.2 | | B.1.1.1.1 WPI - Cereals | 99.3 | 99.2 | 99.2 | 99.5 | 100.0 | 100.2 | 100.7 | 100.7 | 100.5 | 100.6 | 100.4 | 99.6 | | B.1.1.1.1.1 WPI - Wheat | 99.0 | 98.4 | 98.3 | 98.9 | 99.4 | 99.6 | 99.4 | 101.0 | 101.7 | 102.1 | 102.1 | 99.9 | | B.1.1.1.1.2 WPI - Rice | 99.0 | 99.2 | 99.4 | 100.1 | 100.6 | 100.9 | 101.4 | 101.1 | 100.2 | 99.7 | 99.5 | 99.0 | | B.1.1.1.2 WPI - Pulses | 98.6 | 98.3 | 98.5 | 100.4 | 101.1 | 101.5 | 102.2 | 102.5 | 100.9 | 99.7 | 98.5 | 97.9 | | B.1.1.2 WPI - Fruits & Vegetables | 97.9 | 97.9 | 100.6 | 105.0 | 106.8 | 107.0 | 107.3 | 106.4 | 96.0 | 95.3 | 89.5 | 89.8 | | B.1.1.3 WPI - Milk | 99.7 | 99.7 | 99.9 | 100.3 | 100.2 | 100.2 | 100.3 | 100.2 | 99.9 | 100.0 | 99.9 | 99.6 | | B.1.1.4 WPI - Egg, Meat and Fish | 98.6 | 100.3 | 100.4 | 101.1 | 100.6 | 100.8 | 99.6 | 100.3 | 99.7 | 100.2 | 100.0 | 98.9 | | B.1.1.4.1 WPI - Egg | 95.1 | 95.1 | 97.8 | 97.4 | 97.4 | 98.9 | 100.3 | 105.2 | 105.5 | 106.3 | 101.7 | 99.4 | | B.1.1.4.2 WPI - Meat | 98.7 | 99.7 | 100.6 | 100.6 | 100.1 | 99.4 | 99.2 | 99.9 | 100.0 | 101.0 | 100.3 | 100.0 | | B.1.1.4.3 WPI - Fish | 99.2 | 101.3 | 100.7 | 101.9 | 101.9 | 101.4 | 99.7 | 99.6 | 98.8 | 98.9 | 99.2 | 98.5 | | B.1.1.5 WPI - Protein Items (viz., Pulses, Milk, Egg, Meat and Fish) Group | 99.0 | 99.7 | 99.9 | 100.9 | 100.8 | 100.9 | 100.5 | 100.1 | 99.8 | 99.9 | 99.7 | 98.9 | | B.1.2 WPI - Non-Food Articles | 100.5 | 100.4 | 100.3 | 100.2 | 100.8 | 100.4 | 98.9 | 99.2 | 99.5 | 99.9 | 99.5 | 100.4 | | B.1.2.1 WPI - Fibres | 98.9 | 99.3 | 100.5 | 102.1 | 102.0 | 102.9 | 99.7 | 99.3 | 99.2 | 99.3 | 98.4 | 98.1 | | B.1.2.1.1 WPI - Raw Cotton | 98.7 | 99.4 | 100.4 | 103.1 | 103.1 | 104.1 | 99.5 | 99.2 | 98.5 | 98.8 | 97.7 | 97.5 | | B.1.2.2 WPI - Oil Seeds | 100.5 | 101.0 | 101.3 | 101.4 | 101.8 | 101.0 | 98.6 | 98.0 | 98.5 | 99.4 | 99.1 | 99.2 | | B.2 WPI - Manufactured Products | 100.4 | 100.4 | 100.3 | 100.2 | 100.2 | 100.1 | 99.9 | 99.7 | 99.5 | 99.8 | 99.8 | 99.8 | | B.2.1 WPI - Food Products | 99.8 | 99.7 | 99.6 | 100.2 | 100.5 | 100.6 | 100.4 | 100.2 | 100.0 | 100.1 | 99.8 | 99.2 | | B.2.1.1 WPI - Grain Mill Products | 99.1 | 98.3 | 98.5 | 99.2 | 99.4 | 100.0 | 100.5 | 100.9 | 100.8 | 101.4 | 101.3 | 100.4 | | B.2.1.2 WPI - Sugar | 98.9 | 98.5 | 98.1 | 99.1 | 100.4 | 101.6 | 101.6 | 101.7 | 101.3 | 100.7 | 99.4 | 98.8 | | B.2.1.3 WPI - Edible Oils | 99.8 | 100.3 | 100.1 | 100.4 | 100.7 | 100.4 | 99.5 | 99.4 | 100.1 | 100.1 | 99.7 | 99.5 | | B.3 WPI - Non Food Manufactured Products | 100.3 | 100.4 | 100.2 | 100.1 | 100.1 | 100.0 | 99.9 | 99.7 | 99.5 | 99.8 | 99.9 | 100.1 | | B.4 WPI - Non Food Non-Fuel | 100.5 | 100.5 | 100.4 | 100.2 | 100.3 | 100.1 | 99.8 | 99.6 | 99.4 | 99.6 | 99.7 | 100.0 | | C.1 Consumer Price Index for Industrial Workers (Base: 2001=100) | 99.1 | 99.3 | 99.6 | 100.8 | 100.9 | 100.7 | 101.1 | 101.0 | 99.9 | 99.7 | 99.2 | 98.8 | | C.2 Consumer Price Index for Agricultural Labourers (Base: 1986-87=100) | 98.9 | 99.0 | 99.4 | 100.2 | 100.8 | 100.9 | 101.2 | 101.1 | 100.4 | 99.8 | 99.3 | 98.9 | | C.3 Consumer Price Index for Rural Labourers (Base: 1986-87=100) | 99.0 | 99.1 | 99.5 | 100.3 | 100.7 | 100.9 | 101.1 | 101.0 | 100.3 | 99.8 | 99.4 | 98.9 | | D. IIP (Base 2004-05 = 100) General Index | 96.7 | 98.6 | 98.0 | 98.1 | 95.6 | 97.2 | 98.8 | 98.2 | 104.5 | 104.6 | 99.6 | 110.1 | | D.1.1 IIP - Basic Goods Industries | 98.2 | 101.0 | 98.2 | 98.3 | 97.6 | 95.0 | 99.7 | 97.9 | 103.2 | 104.5 | 97.6 | 108.9 | | D.1.2 IIP - Intermediate Goods Industries | 96.7 | 100.5 | 99.4 | 101.4 | 100.1 | 98.3 | 99.2 | 97.9 | 102.6 | 101.2 | 96.9 | 105.9 | | D.1.3 IIP - Consumer Goods Industries | 99.1 | 98.5 | 97.0 | 97.5 | 92.5 | 95.0 | 96.2 | 95.9 | 105.8 | 108.9 | 104.5 | 108.9 | | D.1.3.1 IIP - Consumer Durable Goods Industries | 99.0 | 100.8 | 98.7 | 100.7 | 96.1 | 101.5 | 105.8 | 99.3 | 93.0 | 100.1 | 99.5 | 105.3 | | D.1.3.2 IIP - Consumer Non-Durable Goods Industries | 98.5 | 96.4 | 95.7 | 95.1 | 90.3 | 90.2 | 89.8 | 95.9 | 114.8 | 114.3 | 109.0 | 109.9 | | D.2.1 IIP - Mining | 97.7 | 100.2 | 95.8 | 93.8 | 91.9 | 90.4 | 98.1 | 99.8 | 106.6 | 108.1 | 101.6 | 116.5 | | D.2.2 IIP - Manufacturing | 96.1 | 97.9 | 97.8 | 98.3 | 95.8 | 97.9 | 98.6 | 97.9 | 104.7 | 104.5 | 100.2 | 110.3 | | D.2.2.1 IIP - Food products and beverages | 97.5 | 90.1 | 89.2 | 82.0 | 72.3 | 70.1 | 76.8 | 97.6 | 134.6 | 135.6 | 126.9 | 126.7 | | D.2.2.2 IIP - Textiles | 98.6 | 99.8 | 98.6 | 102.4 | 102.5 | 99.9 | 100.7 | 99.5 | 101.5 | 101.3 | 94.9 | 100.2 | | D.2.2.3 IIP - Wood and products of wood & cork except furniture; articles of straw & plating materials | 90.2 | 101.8 | 98.0 | 100.7 | 99.6 | 96.2 | 95.6 | 98.9 | 108.6 | 101.0 | 104.5 | 105.0 | | D.2.2.4 IIP - Paper and paper products | 96.9 | 101.6 | 98.6 | 102.4 | 101.4 | 99.9 | 100.7 | 98.3 | 100.0 | 99.4 | 95.5 | 105.4 | | D.2.2.5 IIP - Publishing, printing & reproduction of recorded media | 98.6 | 101.3 | 98.8 | 103.0 | 101.3 | 98.3 | 103.1 | 99.4 | 102.3 | 99.8 | 94.4 | 99.8 | | D.2.2.6 IIP - Coke, refined petroleum products & nuclear fuel | 94.6 | 98.8 | 100.0 | 101.8 | 100.6 | 96.4 | 101.0 | 97.9 | 102.4 | 104.1 | 96.7 | 106.0 | | D.2.2.7 IIP - Chemicals and chemical products | 96.1 | 100.7 | 102.1 | 103.1 | 102.3 | 101.3 | 100.4 | 99.3 | 101.4 | 99.6 | 93.7 | 100.0 | | D.2.2.8 IIP - Rubber and plastics products | 99.2 | 103.7 | 102.3 | 100.1 | 95.5 | 97.2 | 98.3 | 98.7 | 101.7 | 101.1 | 96.6 | 105.7 | | D.2.2.9 IIP - Other non-metallic mineral products | 101.4 | 101.7 | 98.3 | 99.0 | 94.3 | 94.2 | 100.2 | 94.7 | 102.5 | 103.3 | 99.1 | 111.4 | | D.2.2.10 IIP - Basic metals | 98.1 | 100.1 | 98.4 | 99.1 | 100.2 | 98.0 | 100.4 | 98.2 | 101.4 | 102.2 | 97.1 | 106.9 | | D.2.2.11 IIP - Fabricated metal products, except machinery & equipment | 84.2 | 91.2 | 96.9 | 95.3 | 96.9 | 102.2 | 94.7 | 97.4 | 104.7 | 99.0 | 100.0 | 137.9 | | D.2.2.12 IIP - Motor vehicles, trailers & semi-trailers | 96.9 | 97.4 | 90.0 | 98.5 | 97.3 | 98.1 | 101.9 | 100.7 | 92.0 | 105.9 | 105.6 | 115.2 | | D.2.2.13 IIP - Other transport equipment | 91.1 | 95.4 | 94.8 | 97.7 | 98.9 | 103.8 | 110.9 | 102.5 | 96.1 | 100.4 | 97.8 | 111.0 | | D.2.3 IIP - Electricity | 100.3 | 104.1 | 99.4 | 100.7 | 100.3 | 97.7 | 102.3 | 96.1 | 99.8 | 101.3 | 93.8 | 103.8 | | D.3 Cement Production | 104.8 | 103.9 | 99.5 | 96.8 | 90.3 | 91.7 | 98.7 | 92.4 | 102.0 | 105.8 | 101.0 | 113.2 | | D.4 Steel Production | 97.5 | 101.7 | 97.6 | 98.6 | 100.2 | 97.4 | 99.3 | 96.1 | 101.6 | 104.6 | 98.2 | 106.8 | | D.5 Coal Production | 90.7 | 93.1 | 88.6 | 86.0 | 84.8 | 83.1 | 97.4 | 103.2 | 113.0 | 116.7 | 110.0 | 134.1 | | D.6 Crude Oil Production | 99.0 | 101.3 | 99.2 | 101.3 | 100.7 | 97.9 | 102.0 | 98.9 | 102.3 | 101.6 | 92.7 | 103.0 | | D.7 Petroleum Refinery Production | 96.1 | 100.1 | 99.7 | 101.7 | 101.0 | 95.7 | 100.6 | 98.9 | 102.1 | 103.7 | 96.2 | 104.5 | | D.8 Fertiliser Production | 82.1 | 94.8 | 99.3 | 105.9 | 106.6 | 104.2 | 108.2 | 106.1 | 107.9 | 102.5 | 93.6 | 88.5 | | D.9 Natural Gas Production | 97.6 | 101.3 | 98.5 | 101.9 | 100.9 | 98.0 | 102.5 | 99.6 | 102.7 | 102.2 | 92.0 | 102.8 | | D.10 Production of Commercial Motor Vehicles | 93.0 | 94.1 | 89.6 | 97.1 | 97.7 | 99.9 | 100.5 | 102.3 | 95.2 | 106.6 | 105.4 | 117.4 | | E.1 Cargo handled at Major Ports | 99.7 | 103.0 | 95.5 | 97.8 | 97.2 | 92.8 | 99.5 | 99.7 | 103.2 | 105.3 | 96.2 | 109.3 | | E.2 Railway Freight Traffic | 97.7 | 101.1 | 96.7 | 97.9 | 95.4 | 92.9 | 97.5 | 98.1 | 104.2 | 106.6 | 98.4 | 113.5 | | E.3 Sales of Commercial Motor Vehicles | 84.1 | 89.5 | 96.2 | 92.9 | 95.3 | 106.3 | 100.1 | 95.6 | 99.8 | 104.8 | 105.0 | 128.6 | | E.4 Passenger flown (Km) - Domestic | 101.1 | 112.4 | 104.4 | 95.5 | 93.3 | 88.5 | 98.7 | 100.2 | 108.8 | 103.3 | 96.0 | 97.6 | | E.5 Passenger flown (Km) - International | 97.0 | 100.4 | 100.8 | 106.0 | 104.0 | 92.5 | 92.3 | 94.8 | 106.2 | 110.0 | 94.9 | 101.5 | | E.6 Freight Tonne Km flown - Domestic | 93.5 | 99.5 | 97.0 | 101.4 | 102.8 | 104.1 | 111.5 | 101.5 | 101.0 | 95.0 | 91.2 | 100.9 | | F.1 Exports | 97.4 | 100.3 | 100.0 | 99.4 | 97.7 | 101.4 | 98.1 | 93.0 | 101.2 | 100.0 | 95.8 | 115.4 | | F.2 Imports | 100.1 | 106.6 | 99.1 | 103.0 | 99.3 | 103.6 | 105.9 | 98.4 | 97.1 | 98.4 | 89.8 | 99.1 | | F.3 Non-Oil Non-Gold Imports | 96.4 | 105.8 | 102.6 | 102.6 | 99.6 | 102.0 | 105.6 | 101.5 | 101.3 | 98.3 | 87.3 | 96.7 |
| Table 2: Range (Difference Between Peak and Trough) of Seasonal Factors | | Series/Year | 2005-06 | 2006- 07 | 2007- 08 | 2008- 09 | 2009- 10 | 2010- 11 | 2011- 12 | 2012- 13 | 2013- 14 | 2014- 15 | Average Range | | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | | A.1.1 Broad Money (M3) | 3.1 | 3.2 | 3.1 | 2.9 | 2.6 | 2.4 | 2.1 | 2.0 | 1.9 | 1.8 | 2.4 | | A.1.1.1 Net Bank Credit to Government | 4.8 | 5.2 | 5.4 | 5.4 | 5.1 | 4.5 | 4.0 | 3.4 | 2.9 | 2.6 | 4.1 | | A.1.1.2 Bank Credit to Commercial Sector | 4.0 | 4.2 | 4.2 | 4.2 | 4.0 | 3.7 | 3.2 | 2.8 | 2.5 | 2.2 | 3.4 | | A.1.2 Narrow Money (M1) | 6.0 | 6.4 | 6.4 | 6.2 | 5.7 | 5.3 | 4.7 | 4.3 | 4.0 | 4.2 | 5.2 | | A.1.2.1 Currency with Public | 6.8 | 6.9 | 6.7 | 6.6 | 6.3 | 5.9 | 5.6 | 5.5 | 5.4 | 5.2 | 6.1 | | A.1.3 Reserve Money (RM) | 7.5 | 7.0 | 6.4 | 6.8 | 7.1 | 6.9 | 6.6 | 6.2 | 6.0 | 5.8 | 6.3 | | A.1.3.1 Currency in Circulation | 6.9 | 6.9 | 6.8 | 6.6 | 6.3 | 5.9 | 5.6 | 5.3 | 5.1 | 5.0 | 6.0 | | A.1.3.1.1 Notes in Circulation | 7.1 | 7.0 | 6.9 | 6.7 | 6.4 | 6.0 | 5.6 | 5.3 | 5.1 | 5.0 | 6.1 | | A.2.1 Aggregate Deposits (SCBs) | 2.2 | 2.2 | 2.2 | 2.2 | 2.0 | 1.9 | 1.7 | 1.7 | 1.6 | 1.4 | 1.8 | | A.2.1.1 Demand Deposits (SCBs) | 14.4 | 14.9 | 14.5 | 14.3 | 13.0 | 11.2 | 8.8 | 7.5 | 6.8 | 6.5 | 10.3 | | A.2.1.2 Time Deposits (SCBs) | 1.8 | 1.8 | 1.9 | 1.9 | 2.0 | 1.9 | 1.8 | 1.5 | 1.3 | 1.1 | 1.7 | | A.3.1 Cash in Hand and Balances with RBI (SCBs) | 13.7 | 12.7 | 11.2 | 9.8 | 7.8 | 5.8 | 4.9 | 3.6 | 4.2 | 4.9 | 6.4 | | A.3.2 Assets with the Banking System (SCBs) | 14.2 | 16.2 | 17.8 | 19.0 | 20.3 | 21.4 | 21.7 | 20.8 | 19.3 | 18.2 | 18.8 | | A.3.3 Bank Credit (SCBs) | 3.6 | 3.9 | 4.1 | 4.3 | 4.2 | 3.9 | 3.5 | 3.0 | 2.5 | 2.2 | 3.5 | | A.3.3.1 Loans, Cash, Credits and Overdrafts (SCBs) | 5.1 | 5.0 | 4.8 | 4.5 | 4.4 | 4.3 | 4.2 | 4.2 | 4.1 | 4.0 | 4.4 | | A.3.3.2 Non-Food Credit (SCBs) | 3.6 | 3.9 | 4.2 | 4.5 | 4.5 | 4.1 | 3.6 | 3.1 | 2.7 | 2.5 | 3.6 | | A.3.4 Investments (SCBs) | 3.6 | 3.8 | 4.1 | 4.5 | 4.7 | 4.8 | 4.6 | 4.3 | 3.9 | 3.5 | 4.2 | | B. WPI (Base 2004-05=100) All Commodities | 1.6 | 1.8 | 1.9 | 1.8 | 1.6 | 1.4 | 1.4 | 1.7 | 2.0 | 2.2 | 1.7 | | B.1 WPI - Primary Articles | 4.1 | 4.3 | 4.2 | 4.0 | 3.7 | 3.7 | 4.1 | 4.7 | 5.3 | 5.8 | 4.3 | | B.1.1 WPI - Food Articles | 5.4 | 5.7 | 5.9 | 6.1 | 6.1 | 6.2 | 6.3 | 6.8 | 7.1 | 7.3 | 6.0 | | B.1.1.1 WPI - Food Grains (Cereals+Pulses) | 1.9 | 2.2 | 2.4 | 2.4 | 2.3 | 2.3 | 2.4 | 2.4 | 2.3 | 2.3 | 2.2 | | B.1.1.1.1 WPI - Cereals | 1.8 | 1.8 | 1.9 | 1.9 | 1.7 | 1.6 | 1.7 | 1.9 | 2.0 | 2.1 | 1.5 | | B.1.1.1.1.1 WPI - Wheat | 4.6 | 4.4 | 4.1 | 3.8 | 3.5 | 3.4 | 3.6 | 3.8 | 3.9 | 4.0 | 3.8 | | B.1.1.1.1.2 WPI - Rice | 1.8 | 1.5 | 1.4 | 1.6 | 1.9 | 2.4 | 3.0 | 3.5 | 3.9 | 4.1 | 2.4 | | B.1.1.1.2 WPI - Pulses | 5.1 | 5.0 | 5.1 | 5.1 | 5.2 | 5.2 | 5.2 | 5.1 | 5.1 | 5.0 | 4.6 | | B.1.1.2 WPI - Fruits & Vegetables | 18.9 | 18.4 | 17.6 | 16.8 | 16.8 | 17.0 | 17.5 | 20.1 | 21.8 | 23.7 | 17.7 | | B.1.1.3 WPI - Milk | 1.0 | 0.7 | 0.5 | 0.4 | 0.6 | 0.9 | 1.2 | 1.3 | 1.5 | 1.7 | 0.7 | | B.1.1.4 WPI - Egg, Meat and Fish | 4.9 | 4.6 | 3.8 | 3.0 | 2.6 | 3.4 | 3.8 | 3.6 | 3.1 | 2.6 | 2.5 | | B.1.1.4.1 WPI - Egg | 12.7 | 11.5 | 10.4 | 9.7 | 9.3 | 10.0 | 11.6 | 13.0 | 14.1 | 14.8 | 11.2 | | B.1.1.4.2 WPI - Meat | 4.7 | 3.8 | 2.9 | 2.0 | 1.5 | 1.4 | 1.7 | 2.2 | 2.8 | 3.0 | 2.3 | | B.1.1.4.3 WPI - Fish | 8.3 | 7.6 | 6.0 | 4.8 | 3.7 | 4.1 | 4.5 | 4.4 | 3.8 | 3.3 | 3.4 | | B.1.1.5 WPI - Protein Items (viz., Pulses, Milk, Egg, Meat and Fish) Group | 1.9 | 1.9 | 1.9 | 2.0 | 2.2 | 2.5 | 2.7 | 2.9 | 2.8 | 2.6 | 2.0 | | B.1.2 WPI - Non-Food Articles | 2.5 | 2.7 | 2.8 | 2.5 | 2.7 | 3.0 | 3.0 | 2.7 | 2.0 | 1.3 | 1.9 | | B.1.2.1 WPI - Fibres | 4.5 | 5.1 | 5.4 | 5.3 | 4.9 | 4.4 | 4.4 | 4.6 | 5.2 | 5.3 | 4.8 | | B.1.2.1.1 WPI - Raw Cotton | 7.2 | 7.9 | 7.8 | 7.5 | 6.9 | 6.3 | 6.2 | 6.2 | 6.6 | 6.6 | 6.7 | | B.1.2.2 WPI - Oil Seeds | 3.5 | 3.5 | 3.5 | 3.8 | 3.9 | 4.0 | 4.2 | 4.4 | 4.5 | 4.4 | 3.8 | | B.2 WPI - Manufactured Products | 1.3 | 1.3 | 1.3 | 1.2 | 1.1 | 0.9 | 0.7 | 0.5 | 0.4 | 0.4 | 0.9 | | B.2.1 WPI - Food Products | 1.6 | 1.2 | 1.0 | 1.0 | 1.2 | 1.3 | 1.5 | 1.8 | 2.1 | 2.2 | 1.4 | | B.2.1.1 WPI - Grain Mill Products | 4.3 | 3.8 | 3.4 | 3.2 | 3.1 | 3.0 | 2.9 | 2.7 | 2.6 | 2.4 | 3.1 | | B.2.1.2 WPI - Sugar | 1.9 | 2.2 | 2.8 | 3.8 | 4.6 | 5.0 | 5.0 | 4.5 | 4.3 | 4.5 | 3.6 | | B.2.1.3 WPI - Edible Oils | 2.1 | 1.9 | 1.8 | 1.9 | 1.8 | 1.6 | 1.3 | 1.0 | 0.8 | 0.6 | 1.4 | | B.3 WPI - Non Food Manufactured Products | 1.0 | 1.1 | 1.2 | 1.2 | 1.1 | 1.0 | 0.8 | 0.6 | 0.5 | 0.3 | 0.9 | | B.4 WPI - Non Food Non-Fuel | 1.1 | 1.4 | 1.6 | 1.8 | 1.8 | 1.6 | 1.2 | 0.8 | 0.5 | 0.5 | 1.2 | | C.1 Consumer Price Index for Industrial Workers (2001=100) | 1.9 | 2.1 | 2.2 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.3 | 2.4 | 2.2 | | C.2 Consumer Price Index for Agricultural Labourers (Base: 1986-87=100) | 2.2 | 2.3 | 2.3 | 2.3 | 2.3 | 2.2 | 2.2 | 2.4 | 2.7 | 2.8 | 2.3 | | C.3 Consumer Price Index for Rural Labourers (Base: 1986-87=100) | 2.0 | 2.0 | 2.1 | 2.1 | 2.1 | 2.1 | 2.2 | 2.3 | 2.4 | 2.5 | 2.2 | | D. IIP (Base 2004-05 = 100) General Index | 13.9 | 14.1 | 13.9 | 14.2 | 14.5 | 14.8 | 15.1 | 15.2 | 15.3 | 15.3 | 14.5 | | D.1.1 IIP - Basic Goods Industries | 12.4 | 13.2 | 13.8 | 14.3 | 14.6 | 14.8 | 14.6 | 14.1 | 13.6 | 13.1 | 13.8 | | D.1.2 IIP - Intermediate Goods Industries | 9.8 | 10.1 | 10.1 | 9.8 | 9.4 | 9.0 | 8.7 | 8.4 | 8.3 | 8.1 | 9.2 | | D.1.3 IIP - Consumer Goods Industries | 16.0 | 15.2 | 14.7 | 14.8 | 15.4 | 16.2 | 17.4 | 18.6 | 19.4 | 19.8 | 16.5 | | D.1.3.1 IIP - Consumer Durable Goods Industries | 13.3 | 13.2 | 12.4 | 10.8 | 10.7 | 12.0 | 13.9 | 15.2 | 16.2 | 16.5 | 12.7 | | D.1.3.1 IIP - Consumer Non-Durable Goods Industries | 22.6 | 23.2 | 23.8 | 24.6 | 25.1 | 25.7 | 25.9 | 26.4 | 26.7 | 26.9 | 25.0 | | D.2.1 IIP - Mining | 22.7 | 23.9 | 25.0 | 25.8 | 26.5 | 27.0 | 27.5 | 27.6 | 27.6 | 27.4 | 26.1 | | D.2.2 IIP - Manufacturing | 14.7 | 14.8 | 14.4 | 14.0 | 14.4 | 14.9 | 15.5 | 15.8 | 16.0 | 16.0 | 14.5 | | D.2.2.1 IIP - Food products and beverages* | 68.0 | 67.6 | 66.5 | 65.5 | 64.7 | 64.1 | 64.6 | 65.5 | 66.0 | 66.2 | 65.4 | | D.2.2.2 IIP - Textiles* | 9.0 | 9.0 | 8.8 | 8.3 | 7.8 | 7.6 | 7.6 | 7.5 | 7.0 | 6.6 | 7.6 | | D.2.2.3 IIP - Wood and products of wood & cork except furniture; articles of straw & plating materials* | 21.1 | 20.8 | 20.1 | 19.5 | 18.8 | 18.4 | 17.6 | 16.7 | 16.0 | 15.9 | 18.4 | | D.2.2.4 IIP - Paper and paper products* | 10.9 | 11.0 | 10.9 | 10.6 | 10.1 | 9.6 | 9.3 | 9.0 | 9.0 | 9.2 | 10.0 | | D.2.2.5 IIP - Publishing, printing & reproduction of recorded media* | 8.6 | 8.6 | 8.5 | 8.3 | 8.2 | 8.3 | 8.9 | 9.3 | 9.8 | 10.1 | 8.7 | | D.2.2.6 IIP - Coke, refined petroleum products & nuclear fuel* | 11.1 | 10.7 | 10.5 | 10.7 | 11.0 | 11.3 | 11.6 | 12.0 | 12.4 | 12.8 | 11.4 | | D.2.2.7 IIP - Chemicals and chemical products* | 9.7 | 10.1 | 10.5 | 10.5 | 10.3 | 9.5 | 8.9 | 8.6 | 9.0 | 9.4 | 9.5 | | D.2.2.8 IIP - Rubber and plastics products* | 8.5 | 8.9 | 9.1 | 9.5 | 10.1 | 10.5 | 11.1 | 11.3 | 11.4 | 11.3 | 10.2 | | D.2.2.9 IIP - Other non-metallic mineral products* | 16.3 | 16.4 | 16.7 | 17.2 | 17.8 | 18.1 | 18.4 | 18.6 | 18.9 | 18.7 | 17.2 | | D.2.2.10 IIP - Basic metals* | 10.7 | 10.8 | 10.7 | 10.5 | 10.1 | 10.3 | 10.2 | 9.5 | 8.6 | 8.6 | 9.8 | | D.2.2.11 IIP - Fabricated metal products, except machinery & equipment* | 47.8 | 48.7 | 50.3 | 52.5 | 55.1 | 57.1 | 58.0 | 57.4 | 56.0 | 54.3 | 53.7 | | D.2.2.12 IIP - Motor vehicles, trailers & semi-trailers* | 26.2 | 26.2 | 26.3 | 26.5 | 26.6 | 26.2 | 25.2 | 23.9 | 22.9 | 22.0 | 25.2 | | D.2.2.13 IIP - Other transport equipment* | 24.1 | 23.8 | 22.9 | 21.3 | 20.6 | 20.5 | 20.5 | 20.5 | 20.5 | 20.5 | 19.9 | | D.2.3 IIP - Electricity | 9.9 | 9.8 | 10.3 | 10.6 | 11.1 | 11.0 | 10.5 | 11.1 | 11.6 | 12.1 | 10.3 | | D.3 Cement Production | 21.5 | 21.3 | 21.6 | 22.1 | 22.9 | 23.4 | 24.1 | 24.1 | 24.3 | 24.0 | 22.9 | | D.4 Steel Production | 12.1 | 11.6 | 10.6 | 10.2 | 10.8 | 11.0 | 11.3 | 11.6 | 11.8 | 12.3 | 10.6 | | D.5 Coal Production | 42.3 | 46.2 | 49.0 | 50.6 | 52.3 | 54.3 | 55.6 | 55.2 | 53.2 | 51.3 | 51.0 | | D.6 Crude Oil Production | 10.1 | 10.1 | 10.2 | 10.1 | 10.2 | 10.3 | 10.5 | 10.4 | 10.5 | 10.4 | 10.2 | | D.7 Petroleum Refinery Production | 8.8 | 8.4 | 8.3 | 8.1 | 8.6 | 9.7 | 10.6 | 10.9 | 10.6 | 9.9 | 8.8 | | D.8 Fertiliser Production* | 27.5 | 27.3 | 26.8 | 26.3 | 25.9 | 25.9 | 25.7 | 25.6 | 25.6 | 25.7 | 26.1 | | D.9 Natural Gas Production* | 11.5 | 12.0 | 12.1 | 11.9 | 11.2 | 11.0 | 10.9 | 10.8 | 10.7 | 10.7 | 10.8 | | D.10 Production of Commercial Motor Vehicles | 32.3 | 28.8 | 28.7 | 29.1 | 29.4 | 29.0 | 27.8 | 26.6 | 26.3 | 25.9 | 27.8 | | E.1 Cargo handled at Major Ports | 18.3 | 18.2 | 17.8 | 17.3 | 16.8 | 16.3 | 15.9 | 15.3 | 14.9 | 14.6 | 16.5 | | E.2 Railway Freight Traffic | 20.7 | 21.3 | 21.5 | 21.4 | 21.2 | 20.9 | 20.4 | 20.0 | 19.5 | 19.2 | 20.6 | | E.3 Sales of Commercial Motor Vehicles | 53.3 | 50.5 | 47.6 | 45.2 | 43.3 | 41.9 | 40.9 | 40.5 | 40.7 | 40.6 | 44.4 | | E.4 Passenger flown (Km) - Domestic | 20.7 | 21.1 | 22.6 | 23.8 | 25.3 | 25.9 | 26.1 | 25.4 | 24.8 | 24.2 | 23.9 | | E.5 Passenger flown (Km) - International | 20.1 | 19.5 | 18.7 | 18.1 | 17.2 | 17.1 | 17.3 | 17.7 | 18.0 | 18.4 | 17.7 | | E.6 Freight Tonne Km flown - Domestic | 14.8 | 16.6 | 18.5 | 20.3 | 22.0 | 23.3 | 23.3 | 22.4 | 21.4 | 20.9 | 20.4 | | F.1 Exports | 24.4 | 22.1 | 20.2 | 19.9 | 20.8 | 22.4 | 23.9 | 24.2 | 23.7 | 22.8 | 22.4 | | F.2 Imports | 21.9 | 22.6 | 22.1 | 20.4 | 17.4 | 14.7 | 12.9 | 12.1 | 12.5 | 13.3 | 16.8 | | F.3 Non-Oil Non-Gold Imports | 21.0 | 23.5 | 24.6 | 24.0 | 21.0 | 19.1 | 16.8 | 15.4 | 14.6 | 15.1 | 18.6 | | * Seasonal adjustment for these series is based on 10 years data depending on availability. Guidelines of both, Office of National Statistics (ONS), UK, and US Census Bureau, however, suggest using more than ten years data for estimating stable monthly seasonal factors. |
| Table 3: Change in seasonal variation in 2014-15 vis-à-vis previous 5-years (2009-10 to 2013-14) | | Series | 2014-15 | Average
Range* | Change | Series | 2014-15 | Average Range* | Change | | 1 | 2 | 3 | 4 | 1 | 2 | 3 | 4 | | A.1.1 Broad Money (M3) | 1.8 | 2.1 | -0.3 | C.1 Consumer Price Index for Industrial Workers (Base: 2001=100) | 2.4 | 2.3 | 0.1 | | A.1.1.1 Net Bank Credit to Government | 2.6 | 3.9 | -1.3 | C.2 Consumer Price Index for Agricultural Labourers (Base: 1986-87=100) | 2.8 | 2.3 | 0.5 | | A.1.1.2 Bank Credit to Commercial Sector | 2.2 | 3.2 | -1.0 | C.3 Consumer Price Index for Rural Labourers (Base: 1986-87=100) | 2.5 | 2.2 | 0.3 | | A.1.2 Narrow Money (M1) | 4.2 | 4.8 | -0.6 | D.IIP (Base: 2004-05=100) General Index | 15.3 | 15.0 | 0.3 | | A.1.2.1 Currency with Public | 5.2 | 5.7 | -0.5 | D.1.1 IIP - Basic Goods Industries | 13.1 | 14.3 | -1.2 | | A.1.3 Reserve Money (RM) | 5.8 | 6.5 | -0.7 | D.1.2 IIP - Intermediate Goods Industries | 8.1 | 8.8 | -0.6 | | A.1.3.1 Currency in Circulation | 5.0 | 5.6 | -0.7 | D.1.3 IIP - Consumer Goods Industries | 19.8 | 17.4 | 2.4 | | A.1.3.1.1 Notes in Circulation | 5.0 | 5.7 | -0.7 | D.1.3.1 IIP - Consumer Durable Goods Industries | 16.5 | 13.6 | 2.9 | | A.2.1 Aggregate Deposits (SCBs) | 1.4 | 1.6 | -0.2 | D.1.3.2 IIP - Consumer Non-Durable Goods Industries | 26.9 | 25.9 | 1.0 | | A.2.1.1 Demand Deposits (SCBs) | 6.5 | 8.8 | -2.3 | D.2.1 IIP - Mining | 27.4 | 27.2 | 0.2 | | A.2.1.2 Time Deposits (SCBs) | 1.1 | 1.7 | -0.6 | D.2.2 IIP - Manufacturing | 16.0 | 15.3 | 0.7 | | A.3.1 Cash in Hand and Balances with RBI (SCBs) | 4.9 | 4.6 | 0.2 | D.2.2.1 IIP - Food products and beverages | 66.2 | 64.7 | 1.5 | | A.3.2 Assets with the Banking System (SCBs) | 18.2 | 20.7 | -2.5 | D.2.2.2 IIP - Textiles | 6.6 | 7.4 | -0.8 | | A.3.3 Bank Credit (SCBs) | 2.2 | 3.4 | -1.2 | D.2.2.3 IIP - Wood and products of wood & cork except furniture; articles of straw & plating materials | 15.9 | 17.4 | -1.5 | | A.3.3.1 Loans, Cash, Credits and Overdrafts (SCBs) | 4.0 | 4.1 | -0.1 | D.2.2.4 IIP - Paper and paper products | 9.2 | 9.4 | -0.2 | | A.3.3.2 Non-Food Credit (SCBs) | 2.5 | 3.5 | -1.0 | D.2.2.5 IIP - Publishing, printing & reproduction of recorded media | 10.1 | 8.9 | 1.3 | | A.3.4 Investments (SCBs) | 3.5 | 4.4 | -1.0 | D.2.2.6 IIP - Coke, refined petroleum products & nuclear fuel | 12.8 | 11.7 | 1.2 | | B. WPI (BASE 2004-05=100) All Commodities | 2.2 | 1.6 | 0.6 | D.2.2.7 IIP - Chemicals and chemical products | 9.4 | 9.1 | 0.3 | | B.1 WPI - Primary Article | 5.8 | 4.3 | 1.5 | D.2.2.8 IIP - Rubber and plastics products | 11.3 | 10.9 | 0.4 | | B.1.1 WPI - Food Articles | 7.3 | 6.2 | 1.1 | D.2.2.9 IIP - Other non-metallic mineral products | 18.7 | 18.1 | 0.6 | | B.1.1.1 WPI - Food Grains (Cereals+Pulses) | 2.3 | 2.3 | -0.1 | D.2.2.10 IIP - Basic metals | 8.6 | 9.6 | -1.1 | | B.1.1.1.1 WPI - Cereals | 2.1 | 1.6 | 0.4 | D.2.2.11 IIP - Fabricated metal products, except machinery & equipment | 54.3 | 56.7 | -2.5 | | B.1.1.1.1.1 WPI - Wheat | 4.0 | 3.5 | 0.5 | D.2.2.12 IIP - Motor vehicles, trailers & semi-trailers | 22.0 | 24.9 | -3.0 | | B.1.1.1.1.2 WPI - Rice | 4.1 | 2.9 | 1.2 | D.2.2.13 IIP - Other transport equipment | 20.5 | 20.5 | 0.0 | | B.1.1.1.2 WPI - Pulses | 3.2 | 4.6 | -1.4 | D.2.3 IIP - Electricity | 12.1 | 10.6 | 1.4 | | B.1.1.2 WPI - Fruits & Vegetables | 23.7 | 18.1 | 5.6 | D.3 Cement Production | 24.0 | 23.8 | 0.2 | | B.1.1.3 WPI - Milk | 1.7 | 1.0 | 0.6 | D.4 Steel Production | 12.3 | 11.3 | 1.0 | | B.1.1.4 WPI - Egg, Meat and Fish | 2.6 | 3.3 | -0.7 | D.5 Coal Production | 51.3 | 54.1 | -2.8 | | B.1.1.4.1 WPI - Egg | 14.8 | 11.5 | 3.3 | D.6 Crude Oil Production | 10.4 | 10.3 | 0.1 | | B.1.1.4.2 WPI - Meat | 3.0 | 1.6 | 1.4 | D.7 Petroleum Refinery Production | 9.9 | 10.1 | -0.1 | | B.1.1.4.3 WPI - Fish | 3.3 | 3.9 | -0.6 | D.8 Fertiliser Production | 25.7 | 25.7 | 0.0 | | B.1.1.5 WPI - Protein Items (viz., Pulses, Milk, Egg, Meat and Fish) | 2.6 | 2.5 | 0.1 | D.9 Natural Gas Production | 10.7 | 10.9 | -0.2 | | B.1.2 WPI - Non-Food Articles | 1.3 | 2.6 | -1.2 | D.10 Production of Commercial Motor Vehicles | 25.9 | 27.8 | -1.9 | | B.1.2.1 WPI - Fibres | 5.3 | 4.6 | 0.7 | E.1 Cargo handled at Major Ports | 14.6 | 15.8 | -1.3 | | B.1.2.1.1 WPI - Raw Cotton | 6.6 | 6.4 | 0.2 | E.2 Railway Freight Traffic | 19.2 | 20.4 | -1.2 | | B.1.2.2 WPI - Oil Seeds | 4.4 | 4.1 | 0.3 | E.3 Sales of Commercial Motor Vehicles | 40.6 | 41.5 | -0.9 | | B.2 WPI - Manufactured Products | 0.4 | 0.7 | -0.3 | E.4 Passenger flown (Km) - Domestic | 24.2 | 25.5 | -1.3 | | B.2.1 WPI - Food Products | 2.2 | 1.5 | 0.7 | E.5 Passenger flown (Km) - International | 18.4 | 17.3 | 1.1 | | B.2.1.1 WPI - Grain Mill Products | 2.4 | 2.8 | -0.4 | E.6 Freight Tonne Km flown - Domestic | 20.9 | 22.5 | -1.6 | | B.2.1.2 WPI - Sugar | 4.5 | 4.6 | -0.1 | F.1 Exports | 22.8 | 23.0 | -0.2 | | B.2.1.3 WPI - Edible Oils | 0.6 | 1.3 | -0.7 | F.2 Imports | 13.3 | 13.9 | -0.6 | | B.3 WPI - Non Food Manufactured Products | 0.3 | 0.8 | -0.5 | F.3 Non-oil Non-Gold Imports | 15.1 | 17.3 | -2.2 | | B.4 WPI - Non Food Non-Fuel | 0.5 | 1.1 | -0.6 | | | | | | *Average Range of Monthly Seasonal Factors for the last 5-years (2009-10 to 2013-14). |
Table 4: List of Top-Twenty and Bottom-Twenty Series based on Average Range of Monthly Seasonal
Factors during Last Five Years (2010-11 to 2014-15) and corresponding Peak and Trough Months | | Name of Top-Twenty Series | Average
Range | Peak
Month | Trough
Month | Name of Bottom-Twenty Series | Average
Range | Peak
Month | Trough
Month | | 1 | 2 | 3 | 4 | 1 | 2 | 3 | 4 | | D.2.2.1 IIP - Food products and beverages | 65.3 | Jan | Sep | A.1.1.2 Bank Credit to Commercial Sector | 2.8 | Mar | Oct | | D.2.2.11 IIP - Fabricated metal products, except machinery & equipment | 56.5 | Mar | Apr | B.2.1.1 WPI - Grain Mill Products | 2.7 | Jan | May | | D.5 Coal Production | 53.9 | Mar | Sep | B.1.1.5 WPI - Protein Items (viz., Pulses, Milk, Egg, Meat and Fish) Group | 2.7 | Sep | Apr | | E.3 Sales of Commercial Motor Vehicles | 40.9 | Mar | Apr | C.2 Consumer Price Index for Agricultural Labourers (Base: 1986-87=100) | 2.4 | Oct | Mar | | D.2.1 IIP - Mining | 27.4 | Mar | Sep | B.1.2 WPI - Non-Food Articles | 2.4 | Apr | Oct | | D.10 Production of Commercial Motor Vehicles | 27.1 | Mar | Jun | C.1 Consumer Price Index for Industrial Workers (2001=100) | 2.3 | Oct | Mar | | D.1.3.1 IIP - Consumer Non-Durable Goods Industries | 26.3 | Dec | Oct | B.1.1.1 WPI - Food Grains (Cereals+Pulses) | 2.3 | Oct | May | | D.8 Fertiliser Production* | 25.7 | Oct | Apr | C.3 Consumer Price Index for Rural Labourers (Base: 1986-87=100) | 2.3 | Oct | Mar | | E.4 Passenger flown (Km) - Domestic | 25.3 | May | Sep | B.1.1.4.2 WPI - Meat | 2.1 | Jun | Apr | | D.2.2.12 IIP - Motor vehicles, trailers & semi- trailers* | 24.0 | Mar | Jun | A.1.1 Broad Money (M3) | 1.9 | Apr | Sep | | D.3 Cement Production | 24.0 | Mar | Aug | B.1.1.1.1 WPI - Cereals | 1.8 | Oct | Apr | | F.1 Exports | 23.4 | Mar | Nov | B.2.1 WPI - Food Products | 1.7 | Sep | Mar | | E.6 Freight Tonne Km flown - Domestic | 22.3 | Oct | Feb | B.WPI (Base2004-05=100) AllCommodities | 1.7 | Sep | Feb | | D.2.2.13 IIP - Other transport equipment* | 20.5 | Mar | Apr | A.2.1 Aggregate Deposits (SCBs) | 1.6 | Apr | Jan | | A.3.2 Assets with the Banking System (SCBs) | 20.3 | Mar | Nov | A.2.1.2 Time Deposits (SCBs) | 1.5 | Apr | Dec | | E.2 Railway Freight Traffic | 20.0 | Mar | Sep | B.1.1.3 WPI - Milk | 1.2 | Jul | Mar | | B.1.1.2 WPI - Fruits & Vegetables | 19.8 | Aug | Feb | B.2.1.3 WPI - Edible Oils | 1.0 | Aug | Nov | | D.2.2.9 IIP - Other non-metallic mineral products* | 18.5 | Mar | Aug | B.4 WPI - Non Food Non-Fuel | 0.8 | Apr | Dec | | D.1.3 IIP - Consumer Goods Industries | 18.3 | Mar | Aug | B.3 WPI - Non Food Manufactured Products | 0.7 | Apr | Dec | | E.5 Passenger flown (Km) - International | 17.7 | Jan | Sep | B.2 WPI - Manufactured Products | 0.5 | May | Dec |
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