Home Business Wholesale price-based inflation eases to 10.70% in September from a year ago

Wholesale price-based inflation eases to 10.70% in September from a year ago

WPI inflation eases to 10.7% last month

New Delhi:

Wholesale price-based inflation (WPI) declined to 10.70 per cent in September from 12.41 per cent in August from a year ago, government data showed on Friday.

WPI inflation was 12.41 per cent in August and 11.80 per cent in September last year. This year the Wholesale Price Index (WPI) had touched a record high of 15.88 per cent in May.

September is the 18th consecutive month of double digit WPI inflation.

“Inflation in September 2022 is mainly contributed by increase in prices of mineral oils, food articles, crude petroleum and natural gas, chemical and chemical products, basic metals, electricity, textiles etc., as compared to the corresponding month of the previous year. ” an official statement said.

Inflation in food articles eased to 11.03 per cent in September from 12.37 per cent in August.

However, vegetable inflation rose to 39.66 per cent during the month from 22.29 per cent in August.

In the fuel and power basket, inflation eased to 32.61 per cent in September from 33.67 per cent in August.

It was 6.34 per cent and (-) 16.55 per cent in manufactured products and oilseeds respectively.

RBI primarily looks at retail inflation for monetary policy formulation.

According to data released earlier this week, retail inflation remained above the Reserve Bank’s upper tolerance limit of 6 per cent for the ninth consecutive month and stood at a 5-month high of 7.41 per cent in September.

To overcome the extremely high inflation, the RBI has increased the key interest rate four times this year to 5.90 per cent – the highest since April 2019.

The September wholesale price index was lower than Reuters forecast of 11.50 percent.

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