Wholesale inflation rises, food prices are highest

Dec 19 2017 10:41 AM
Wholesale inflation rises, food prices are highest

Wholesale inflation in the country increased to 3.93 percent in November due to the sharp increase in food and fuel prices. Official data received this information on Thursday. According to data from the Ministry of Commerce and Industry, the wholesale price index (WPI) went up to 3.93 percent in November, compared to 3.59 percent in October and it was 1.82 percent in November 2016.   

Prices of primary articles have increased by 5.28 percent, from 3.33 percent in October, on the sequential basis, as retail inflation rose to 7-month high levels in October due to rising prices of vegetables. The primary goods load in WPI is 22.62%. Food prices rose 6.06 percent in November, while in October it was 4.30 percent.  In terms of food items, the onion prices increased by 178.19 percent on a year-on-year basis, while potato prices fell (-) 40.73 percent. 

However, Sunil Kumar Sinha, Principal Economist, India Ratings & Research, said that the food items that fuelled inflation in May are largely not dependent on the monsoon.  “Pulses, vegetables, meat, egg, and fish alone contributed 63.4 percent of food inflation in May,” Sinha observed. 

Richa Gupta, Senior Economist, Deloitte in India, said the Wholesale Price Index-based inflation rose in sync with trends witnessed in the retail print.

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