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India's Wholesale Price Inflation Rises To 3.59 Percent In October

INDO-ASIAN NEWS SERVICE | 0
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| } November 14 , 2017 , 17:02 IST

An exponential rise in food prices accelerated India's annual rate of inflation based on wholesale prices to 3.59 percent in October.

According to data from the Ministry of Commerce and Industry released on Tuesday, the wholesale price index (WPI), with the revised base year of 2011-12, went up in October to 3.59 percent from 2.60 percent in September.

On a segment-wise basis, the expenses on primary articles, which constitute 22.62 percent of the WPI's total weightage, edged higher by 3.33 percent from an increase of 0.15 percent in September 2017.

The prices of food articles rose by 4.30 per cent from an acceleration of 2.04 per cent during September 2017 and a rise of 2.98 per cent in October 2016.

ALSO READ: India's Wholesale Price Inflation Eases In September To 2.6%

In terms of food prices, the YoY (Year-over-year) wholesale inflation rate for onion was higher by 127.04 percent, whereas for potatoes it plunged by (-)44.29 percent.

In contrast, the overall vegetable prices in October rose by 36.61 percent, against a fall of (-)11.84 percent in the same month a year ago.

As per data, wheat became cheaper by (-)1.99 percent on YoY basis and the prices of pulses came down by (-)31.05 percent, but that of paddy became dearer by 3.10 percent.

Protein-based food items such as eggs, meat and fish became expensive by 5.76 percent during the month under review.

Prices of other major group under the WPI, manufactured products, which comprise nearly 64.23 percent of the index, recorded a 2.62 percent rise.

The sub-category of manufactured food products registered a rise of 1.26 percent.

ALSO READ: India's Wholesale Price Index Inflation Falls To 0.90% In June

Fuel and power prices' inflation accelerated by 10.52 percent.

Product-wise, the price of high-speed diesel rose by 15.43 percent during October while that for petrol climbed by 12.87 percent and for LPG by 26.53 percent.

This is the second macro-economic inflation data point for October that has shown a surge in prices.

The consumer price index (CPI) inflation for October rose to 3.58 percent from 3.28 percent reported for September.

The CPI inflation last month on a YoY basis was lower than 4.20 per cent recorded in October 2016.

The overall food prices, as gauged by the Consumer Food Price Index (CFPI), rose to 1.90 per cent during the month under review from 1.25 per cent in September 2017.