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Rise in food prices accelerates India’s wholesale price inflation

Author: IANS/Tuesday, November 14, 2017/Categories: Economy

Rise in food prices accelerates India’s wholesale price inflation

New Delhi, Nov 14 - An exponential rise in food prices accelerated India's annual rate of inflation based on wholesale prices to 3.59% 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% from 2.60% in September.

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

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

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

In contrast, the overall vegetable prices in October rose by 36.6%, against a fall of (-)11.84% in the same month a year ago.

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

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

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

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

Fuel and power prices' inflation accelerated by 10.52%.

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

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% from 3.28% reported for September.

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

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

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Kavita Giridhar Mallya

IANS

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