Tuesday 17 November 2020

Highest wholesale inflation rate in October

The data for the Wholesale Price Index(WPI) for October 2020 has been released. On a month-on-month basis, wholesale inflation has risen from 1.32 percent in September to 1.48 percent in October. This is the third consecutive increase in the past year.

With this, the wholesale inflation rate has now reached the highest level of 8 months. WPI for food items has come down to 5.78 percent. It was 6.92 in September. Manufacturing products have increased in value in October month. It has risen to 2.12 percent as compared to 1.61 percent in September.

Despite the decrease in the wholesale inflation of food items, there remains a concern in terms of wholesale and retail prices. Experts believe that food inflation is now falling on items other than vegetables and fruits. In such a situation, it can affect interest rates in the coming days. After a long and strict lockdown, economic activity began in the country. These figures came into positive territory for the first time in August 2020 after March.

WPI provides information about the prices of goods sold in bulk. In India, the wholesale price index is divided into three groups which include fuel and electricity, primary goods, and manufacturing products. These three groups together accounted for 13.2 percent, 22.6 percent, and 64.2 percent of the total WPI.

Retail inflation rate highest in 6 years

Meanwhile, annual retail inflation rose to 7.61 percent in October. It was 7.34 percent in September. According to data released by the Ministry of Statistics, people have suffered the highest inflation in October this year after May 2014. The CPI rose to 7.61% in October due to a steep rise in food prices. During this period, food inflation reached 11%. Retail inflation has become the highest in six years due to the rise in prices of vegetables and pulses.

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