News Brief
India's Wholesale Inflation Back In Positive Territory After Seven Months, Rises To 0.26 Per Cent In November
Attributed mainly to a sharp rise in food prices, WPI marks a departure from the seven-month trend of negative inflation.
India's wholesale price-based inflation surged to its highest level in eight months, standing at 0.26 per cent in November.
The notable increase, attributed mainly to a sharp rise in food prices, marks a departure from the seven-month trend of negative inflation, with October recording (-) 0.52 per cent.
The Commerce and Industry Ministry explained, “The positive rate of inflation in November 2023 is primarily due to an increase in prices of food articles, minerals, machinery & equipment, computer, electronics & optical products, motor vehicles, other transport equipment, and other manufacturing, etc”, reported Indian Express.
Food inflation played a pivotal role in this rise, escalating to 8.18 per cent in November, up from 2.53 per cent in October.
This pronounced increase in food prices has had a cascading effect on the overall inflationary trajectory.
Recent official data has revealed that retail or consumer price-based inflation also saw a notable uptick, reaching its fastest pace in three months at 5.55 per cent in November.
The spike was largely propelled by a surge in food prices, indicating a broader inflationary trend.
In its bi-monthly monetary policy release last week, the Reserve Bank decided to maintain current interest rates.
However, the central bank underscored the risks associated with the upward trajectory of food inflation in November and December.
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