Economy

WPI inflation hits 4-month high at 3.24% in August 2017

WPI inflation hits 4-month high at 3.24% in August 2017

A vendor speaks to a customer at his stall at a wholesale fruit and vegetable market in Mumbai, India, August 14, 2017.

Wholesale prices rose 3.24% in August from a year earlier, the commerce ministry said in a statement on Thursday.

The rise compares with a 3% increase forecast by economists in a Reuters poll and a provisional 1.88 % rise in July. WPI inflation was at 1.88% in the previous month and 1.09% during the corresponding month of the previous year.

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Primary articles, which accounts for more than a fifth of the entire wholesale price index grew 2.66 percent in August from 0.46 percent in July.

Build up inflation rate in the financial year so far was 1.41 per cent compared to a build up rate of 3.25 per cent in the corresponding period of the previous year, it said.

Stating that WPI will continue witnessing uptrend in its data for coming months, a Morgan Stanley report has predicted WPI to reach at 2.1% in August respectively based on current trends in high-frequency food prices and global commodity prices.

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In terms of food prices, the YoY wholesale inflation rate for onion was higher by 88.46 per cent, whereas for potatoes it plunged by (-) 43.82 per cent.

The index for "Non-Food Articles" group rose by 1.8 percent due to higher price of floriculture (25 percent), copra (coconut) (23 percent), guar seed (eight percent), safflower (kardi seed) (four percent), castor seed (three percent), gingelly seed, rape and mustard seed and raw wool (two percent each). Notable increase was also seen in the category of vegetables (44.91 per cent) and food articles (5.75 per cent).

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