The Ministry of Commerce and Industry has released the provisional Wholesale Price Index (WPI) figures for August, indicating that India’s annual wholesale price inflation rate stood at (-)0.52 per cent.
This represents a notable improvement compared to the (-)1.36 per cent recorded in July 2023, read the Ministry of Commerce and Industry press release.
The primary reason behind this negative inflation rate is the decline in prices across various sectors, including mineral oils, basic metals, chemical & chemical products, textiles, and food products, when compared to the same month last year, read the press release.
The WPI index for all commodities was 152.4, with an inflation rate of (-)0.52 per cent, primary articles category witnessed an inflation rate of 6.34 per cent, with a WPI index of 189.6, the inflation rate for fuel and power was at 2.96 per cent, with a WPI index of 149.6, manufactured products category recorded a WPI index of 139.8 and an inflation rate of (-)2.37 per cent, read the press release.
The food index reported an inflation rate of 5.62 per cent, with a WPI index of 186.1.
In terms of month-over-month changes, the WPI index increased by 0.33 per cent in August 2023 compared to July 2023, read the release
Notable changes were observed in various categories, including primary articles, fuel & power, and manufactured products.
Prices of Crude Petroleum and Natural Gas (5.25 per cent), Minerals (3.56 per cent), and Non-food Articles (0.25 per cent) increased in August 2023 compared to July 2023. However, prices of Food Articles (-1.52 per cent) declined during the same period, read the release.
Fuel and Power category saw a significant increase of 2.96 per cent in August 2023, primarily due to higher prices of Mineral Oils (4.02 per cent) and Electricity (1.79 per cent).
Out of 22 National Informatics Centre.(NIC) two-digit groups for manufactured products, 15 groups witnessed price increases, with food products, electrical equipment, and other manufacturing contributing to the rise.
On the other hand, 6 groups, including chemical & chemical products, paper & paper products, and machinery & equipment, experienced price decreases in August 2023.
The WPI Food Index, which accounts for 24.38% of the WPI, decreased from 187.7 in July 2023 to 186.1 in August 2023. The rate of inflation based on the WPI Food Index also declined from 7.75% in July 2023 to 5.62% in August 2023, read the press release.
These WPI figures indicate a mixed economic landscape, with inflation rates varying across sectors. The Ministry of Commerce & Industry will release the WPI for September 2023 on October 16, 2023, providing further insights into the country’s economic trends.
For more detailed information and the complete dataset, you can visit the Ministry of Commerce & Industry’s official website at http://eaindustry.nic.in.
Please note that these figures are provisional and subject to revision based on the final revision policy of WPI.
(This news report is published from a syndicated feed. Except for the headline, the content has not been written or edited by OpIndia staff)
