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High Food, Fuel Prices Propelling WPI Up

Author: Finapolis Network/Wednesday, September 16, 2020/Categories: Economy

High Food, Fuel Prices Propelling WPI Up

New Delhi: High food, fuel and manufactured goods’ prices accelerated India's August wholesale inflation. On sequential level, India's annual rate of inflation based on wholesale prices rose to 0.16 per cent in August from (-) 0.58 per cent in July, according to latest official data released here on September 14, 2020. On a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Union Ministry of Commerce and Industry, is 0.16 per cent as compared to 1.17 per cent during the previous corresponding month.

“The annual rate of inflation, based on monthly WPI, stood at 0.16 per cent (provisional) for August, 2020 (over August, 2019), as compared to 1.17 per cent during the corresponding month of the previous year,” the Ministry said in its review of ‘Index Numbers of Wholesale Pr ice in India’ for August.

In the notes to WPI August, the ministry said: “The WPI for August 2020 has been compiled at a weighted response rate of 76 per cent, while the final figure for June, 2020 is based on the weighted response rate of 88 per cent.”

On a sequential basis, the expenses on primary articles, which constitute 22 .62 per cent of the WPI's total weightage, increased 1.60 per cent from 0.63 per cent in July 2020.

Furthermore, the prices of food items remained at elevated levels with a rise of 4.07 per cent from 4.32 per cent reported for July.

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