Friday, June 21, 2024

Wholesale price inflation surges out of negative zone to touch 8-month high

India’s wholesale price inflation surged out of the deflationary zone for the first time since March this year to register a 0.26 per cent increase in November, according to figures released by the Commerce and Industry Ministry on Thursday.

This is the highest level of Wholesale Price Index (WPI) inflation in eight months as wholesale prices had been falling in recent months.

The WPI inflation was at -0.52 per cent in October and 2023 and 6.12 per cent in November 2022.

The WPI increased on the back of a 1.9 per cent rise in the food index with the prices of vegetables surging 16.45 per cent month-on-month (MoM). Onion prices led the charge with a 41.3 per cent jump.

WPI data follows the figures on the country’s retail inflation, which rose to a three-month high of 5.55 per cent in November.

The RBI tracks retail inflation, which shows the prices that consumers actually pay, for decisions related to its monetary policy.

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