India’s Wholesale Price Index cool down to 13.93%
The Commerce and Industry ministry has released its data which shows that India’s inflation based on the Wholesale Price Index (WPI) went down to 13.93 percent in July.
The recent fall in WPI inflation in July was impelled by lower food prices, with food inflation sinking to 9.41 percent, down 300 basis points from June.
The WPI inflation was registered at 15.18% in June, down from an over three-decade high of 16.63 percent in May. WPI inflation had been registered at 11.57% in July 2021.
This time it is another month of double-digit increase in wholesale prices in July means WPI inflation has stayed above the 10-percent mark for 16 months in a row.
Specification of Index:
In the Wholesale Price Index food items, vegetables have fall 12.7% sharply in month-on-month wise. The index for fruits came down about 3% while that for eggs, meat, and fish registering a 2.6 percent fall from June.
On the whole, the food index which covers around 24 percent of the WPI basket came down 2.2 percent sequentially in July. This facilitated bring down the all-commodity index of the WPI by 0.1 percent from June.
Lower prices of manufactured products also aided bring down WPI inflation last month.
The inflation of manufactured products was registered at 9.19 percent. While in contrast, fuel and power inflation spiked up to 43.75 percent. With the index for the category it was climbing up by 6.6 percent from June.
The fall in wholesale inflation in July traces a smaller drop in retail inflation.
Data released last week indicated the more closely followed Consumer Price Index (CPI) inflation fell as anticipated to a five-month low of 6.71 percent in July.
The next meeting of the Monetary Policy Committee is scheduled to be held on September 28-30.
Question & Answer:
Q1. What percent of whole sale price based inflation has been recorded for July 2022?
Q2. Which ministry released the data about India’s inflation and pertaining details?
Ans. Ministry of Commerce and Industry