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Wednesday, February 28, 2024

India’s WPI eases to 12.41 pc in August


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New Delhi: India’s wholesale price index (WPI)-based inflation eased further to 12.41 per cent in August 2022 from 13.93 per cent in July, data from the Commerce & Industry Ministry showed on Wednesday.

Even as wholesale inflation has eased it remains elevated and in double-digit for the last almost 17 months.

“Inflation in August, 2022 is primarily contributed by rise in prices of mineral oils, food articles, crude petroleum & natural gas, basic metals, chemicals & chemical products, electricity, food products etc. as compared to the corresponding month of the previous year,” a media release said.

The WPI captures the average movement of wholesale prices of goods and is primarily used as a GDP deflator. It reckons only basic prices and does not include taxes, rebate/trade discounts, transport and other charges.

The data released by the Ministry of Statistics & Programme Implementation (MoSPI) earlier this week showed retail inflation had climbed to 7 per cent in August on the back of surge in food prices.

Policy-watchers and experts had earlier said that they expect the WPI to soften as a result of easing global commodity prices.

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