Wholesale Inflation surged to 5 months high
Team Ambitiousbaba and AB are here with a Current Affairs Special Series. In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack in any current affairs topic. Today’s Current Affairs topic is “Wholesale Inflation surged to 5 month high”
Government released data on wholesale inflation which shows that wholesale inflation has surged to 12.54% in October to year-on-year from 10.66% a month ago and 1.31% in October 2020.
The government said in official statement that, the high rate of inflation in October 2021 is primarily due to rise in prices of mineral oils, basic metals, chemicals, crude petroleum & natural gas, food products and chemical products etc as compared the same month of the previous year. WPI has now continued to be in double-digits for seven consecutive months.
The contraction of 1.69% has been seen in food inflation compared to previous year in October compared to a 4.69% contraction seen in the month of September. Inflation of manufactured products reached at 12.04% from 11.41% a month ago.
The major hike has been seen in the overall fuel and power basket which went up to 37.18% in October from 24.81% in September and 26.09% in August. The hike in crude, petroleum and natural gas prices was 66.46% in October as against a price rise of 43.92% seen a month ago.
51.32% and 25.01% contraction watched in Inflation in potato and onion each as compared to a contraction of 48.95% and 1.91% seen in September. Prices of eggs, meat and fish climbed up 1.98% in October from 5.18% in September.
Released data of retail inflation indicated it clicked up to 4.48% in October from 4.35% in September but remained within the Reserve Bank of India (RBI) target range of 2-6%, which will allow it to maintain the growth-supporting monetary policy.
Question & Answer:
Q1. What is the wholesale inflation in the month of October?
Q2. What is wholesale inflation?
Ans. It presents the changes in the average prices of goods at the wholesale level. Like whole sale selling prices of commodities.
Q3. What is the range of RBI for retail inflation?
Ans. 2% to 6%
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