Economy

Wholesale inflation falls to 2.6% in Sept as food items soften

The rate of inflation based on WPI Food Index consisting of "Food Articles" from Primary Articles group and "Food Product" from Manufactured Products group decreased from 4.41% in August 2017 to 1.99% in September 2017.

In August, the wholesale price index (WPI) had zoomed to a four-month high of 3.24 per cent. WPI inflation was at 1.36 per cent in September previous year.

And inflation in vegetable prices cooled to 15.48 percent in September as against a high of 44.91 percent last month.

Build up inflation rate in the financial year so far was 0.97% compared to a build-up rate of 3.44% in the corresponding period of the previous year.

Fuel inflation has remained high in the past two months as petrol and diesel prices continued to be priced high relentlessly on global crude oil rates, while power tariffs shot through the roof on lower domestic production.

On the flip side, inflation marginally narrowed in the fuel and power segment from 9.99 percent in August to 9.01 in September, the Union Ministry of Commerce and Industry data showed. The index for "Manufacturing of Textiles" group rose by 0.6 per cent to 113.4, while the index for "Manufacturing of Wearing Apparel" group rose by 0.1 per cent to 136.6 in September.

Retail inflation for September as indicated by the consumer price index (CPI), which has a different composition of commodities, however remained unchanged in September at 3.28%, from its revised figure for August, according to the data released by the Central Statistics Office (CSO) on 12 October.

Wholesale prices had accelerated in July to 1.88 per cent from June's rise of 0.90 per cent and an increase of 2.26 per cent reported for May.

Earlier this month, the Reserve Bank of India maintained its hawkish stand, keeping its key interest rate unchanged at 6 per cent in view of rising inflationary pressure and concerns over "fiscal slippage". This was after wholesale inflation had soared to a four-month high of 3.24 per cent in August 2017.



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