India’s wholesale inflation, based on the Wholesale Price Index (WPI), rose at the fastest rate in eight months to 0.26 per cent in November 2023 mainly due to rising food prices, according to the latest official data. The WPI inflation in October 2023 had stood at (minus) 0.52 per cent.
The WPI inflation was in the negative zone for the past seven months and was at (-) 0.52 per cent in October.
“Positive rate of inflation in November, 2023 is primarily due to increase in prices of food articles, minerals, machinery & equipment, computer, electronics & optical products, motor vehicles, other transport equipment and other manufacturing etc,” the Commerce and Industry Ministry said in a statement.
Food inflation rose to 8.18 per cent in November, from 2.53 per cent in October.
Official data released earlier this week showed retail or consumer price-based inflation rising at its fastest pace in three months at 5.55 per cent in November, driven by spike in food prices.
The Reserve Bank in its bi-monthly monetary policy last week, held interest rates steady and flagged risks of rising food inflation in November and December.
Meanwhile, India’s retail inflation, based on the Consumer Price Index (CPI), in November 2023 also increased to 5.55 per cent amid low base and rising food prices, according to the latest inflation data released recently. Though the 5.55 per cent CPI inflation is far from the RBI’s medium-term target level of 4 per cent, it is within the tolerance limit of 2-6 per cent.
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