The annual rate of wholesale inflation based on the All India Wholesale Price Index (WPI) has shown relief in September. According to the data based on the Wholesale Price Index released by the Government of India, the wholesale inflation rate has been recorded at 10.7% in September. In August 2022, this figure was 12.41 percent. At the same time, in September 2021, this rate was 11.80 percent.
Wholesale inflation above ten percent for the last one and a half year
The wholesale inflation declined for the fourth consecutive month in September. It has reached the lowest level in 18 months. However, it has remained above the 10 percent level for the last one and a half years. The sharp fall in WPI inflation in September has been registered due to lower prices of food articles and manufactured products. Let us inform you that on Friday, the data related to wholesale inflation has been released by the Ministry of Commerce.
Wholesale inflation data are driven by the inflation of mineral oils and food articles
An official statement issued by the ministry said that the wholesale inflation in September 2022, compared to the corresponding month of the previous year, was mainly due to the consumption of mineral oils, food items, crude petroleum and natural gas, chemical and chemical products, basic metals, electricity, Driven by the rise in prices of textiles, etc.
Wholesale inflation related to food declined to 11.03% from 12.37%
Inflation in food articles in September has come down to 11.03 percent as against 12.37 percent in August. However, the inflation of vegetables rose to 39.66 percent in September from 22.29 percent in August. Inflation in terms of fuel and power eased to 32.61 percent in September from 33.67 percent in August.
Retail inflation above 6 percent for the ninth consecutive month
Wholesale inflation in manufactured products and oilseeds stood at 6.34 percent and (-) 16.55 percent, respectively. Explain that RBI mainly takes into account retail inflation for formulating monetary policy. According to data released earlier this week, retail inflation remained above the Reserve Bank's upper tolerance limit of 6 percent for the ninth consecutive month and stood at a 5-month high of 7.41 percent in September.
RBI hikes repo rate to 5.9% to control inflation
The RBI has increased the repo this year four times to 5.90 percent, which is the highest since April 2019, in a bid to tame the extremely high inflation.
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