New Delhi: The Wholesale Price Index (WPI)-based inflation in India eased to a three-month low of 1.89 per cent in November 2024. The WPI-based inflation was at 2.36 per cent in October 2024. The wholesale inflation had stood at 0.39 per cent in November last year. The fall in WPI inflation comes as prices of food items, especially vegetables, turned cheaper in November.
‘The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 1.89% (Provisional) for the month of November 2024 (over November 2023),’ the Ministry of Commerce & Industry said in a statement.
As per the data, inflation in food items eased to 8.63 per cent in November, as against 13.54 per cent in October. The decline was led by a dip in vegetable inflation which stood at 28.57 per cent, as against 63.04 per cent in October. Inflation in potato, however, continued to be high at 82.79 per cent, while in onion it fell sharply to 2.85 per cent in November.
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The fuel and power category witnessed a deflation of 5.83 per cent in November, against a deflation of 5.79 per cent in October. In manufactured items, inflation was 2 per cent in November, against 1.50 per cent in October.
The core (non-food manufacturing) WPI inflation inched up to 0.5% in November 2024 from 0.3% in October 2024, while remaining below 1.0% for the fourth consecutive month. The core inflation prints have largely remained subdued, averaging at just 0.4% during April-November 2024.
Last week, the data on retail inflation, based on the Consumer Price Index (CPI), also showed an easing to 5.48 per cent in November, compared with 6.21 per cent a month ago. The food inflation rate for November 2024, based on the All India Consumer Food Price Index (CFPI), is provisionally reported at 9.04 percent, down from 10.9 percent recorded in October. Corresponding inflation rate for rural and urban areas stood at 9.1 percent and 8.74 percent.
India’s retail inflation remained under the central bank’s target in November. The Reserve Bank of India (RBI) aims to keep inflation within a range of 2 to 6 percent, with a medium-term target of 4 percent.
Wholesale Price Index (WPI) is a measure of the average change in the price of goods at a wholesale level or in the wholesale market. Consumer Price Index (CPI) is a price index that calculates price changes of goods and services that a consumer has to pay in the retail market. The monetary police of Reserve Bank of India are made after reviewing the CPI.
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