Business News
2 min read | Updated on November 14, 2024, 14:17 IST
SUMMARY
The WPI Food Index surged from 9.47% in September to 11.59% in October, pushing the overall inflation rate upward.
Rising food prices and manufacturing costs push India’s wholesale inflation to 2.36% in October.
India’s wholesale inflation rate, measured by the all-India Wholesale Price Index (WPI), rose to a four-month high of 2.36% in October from 1.8% in September, according to the provisional data from the ministry of commerce & industry. The uptick in inflation has been attributed primarily to rising prices in key categories such as food articles, machinery, motor vehicles, and other manufacturing segments.
Month-on-month, the WPI also registered a 0.97% increase in October compared to September. Food prices continued to drive inflation, with the WPI Food Index — which combines food articles and manufactured food products — surging from 195.3 in September to 201.2 in October. This rise translated to the annual rate climbing from 9.47% in September to 11.59% in October.
The Primary Articles index rose by 2.35% from September to October, driven by a 3.37% increase in food articles and a 0.41% rise in crude petroleum and natural gas. However, mineral prices dipped by 1.67%, and non-food articles declined by 0.37%.
Meanwhile, the Fuel & Power index saw a minor decrease of 0.27% as mineral oil and coal prices softened slightly, although electricity prices edged up by 1.18%.
The Manufactured Products index, which holds the largest weight within the WPI at 64.23%, rose by 0.49%. Out of 22 categories, 14 registered price increases, including food products, basic metals, and machinery, whereas pharmaceuticals, fabricated metal products, and chemicals saw price declines.
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