News Brief
India's Wholesale Inflation Hits Nine-Month High At 0.73 Per Cent In December
Inflation on the rise. (Representative image)
In December, India's Wholesale Price Index (WPI) inflation reached a nine-month high of 0.73 per cent, according to data from the commerce ministry.
As reported by Moneycontrol, this is the second consecutive month of positive growth, following November's 0.26 per cent increase.
However, it's important to note that the average WPI inflation for the fiscal year 2023-24 remains in the deflationary zone at -1.1 per cent.
The increase in December can be attributed to an unfavourable base effect from the same month in the previous year.
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Breaking it down, the three major groups in the WPI — primary articles, fuel and power, and manufactured products — experienced a decline in price indices in December compared to the previous month.
The all-commodity index of the WPI dropped by 0.85 per cent month-on-month, and the food index showed a 1.75 per cent decrease due to lower prices of various food items.
Economists also expect wholesale inflation to increase further in the coming months, despite an expected easing in headline retail inflation.
It's noteworthy that retail inflation in India rose to a four-month high of 5.69 per cent in December, propelled by increased prices of essential items such as pulses, spices, fruits, and vegetables, according to data released by the National Statistical Office on Friday (12 January).
Meanwhile, the Reserve Bank of India predicts average Consumer Price Index inflation to cool to 4 per cent in July-September 2024, followed by a rise to 4.7 per cent in the last quarter of the calendar year.
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