Friday, 22 September, 2017

India's Wholesale Price Inflation Set To Accelerate Further

Wholesale inflation rises to four-month high of 3.24% in August India's wholesale inflation touched four-month high of 3.24% in August
Juana Turner | 15 September, 2017, 00:37

Official data released on Thursday showed that Wholesale Price Index (WPI) based inflation rose to 3.24 per cent in August as against 1.09 per cent a year ago.

The last such high level of inflation was witnessed in April when the rate of price rise was 3.85 per cent.

Inflation in manufactured products witnessed a increase at 2.45 per cent in August, against 2.18 per cent in July.

Index for "Food Articles" group rose by 2.2% to 150.8 from 147.6 for the previous month due to higher price of betel leaves (9%), fruits & vegetables (8%), ragi (6%), condiments & spices (3%), peas/chawali and fish-marine (2% each) and arhar, beef & buffalo meat, fish-inland, milk and wheat (1% each).

The index for "Manufacture of Wearing Apparel" sub-group rose by 0.4 per cent to 136.5 in August, 2017 from 136.0 for the previous month due to higher price of manufacture of knitted and crocheted apparel (4 per cent).

The index for Manufactured Products group rose by 0.2 percent to 112.9 (provisional) from 112.7 (provisional) for the previous month.

Inflation in food articles doubled in August to 5.75 per cent from 2.15 per cent in July.

Wholesale inflation rises to four-month high of 3.24% in August
Wholesale inflation in August rises to four-month high of 3.24 per cent

The trend is in line with the retail inflation that rose to a five month high of 3.36% in August due to costlier vegetables and fruits, data released earlier this week showed. However, the prices of pulses were down by 30.16 per cent when compared to August previous year. However, the price of LPG (5%) and bitumen and petroleum coke (1% each) declined.

With global prices on the rise, WPI inflation in petrol and high speed diesel soared by 24.55 per cent and 20.3 per cent respectively in August.

"And with CPI inflation having also accelerated last month, we think that the central bank will refrain from loosening monetary policy any further", Shah predicted.

Wholesale inflation in fuel and power also touched near double digits at 9.99 per cent in August against 4.37 per cent in July.

Most notable causes of this rise in wholesale inflation was fuel and power which constitutes 13.15% of the total weight of the index.

Leading business chamber Ficci's President Pankaj Patel said: "The increase in the inflation numbers is largely on account of the jump seen in prices of food articles and fuel items".

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