Culture&Arts

December WPI inflation eases to 3.58 per cent

December WPI inflation eases to 3.58 per cent

"Lowering of the repo rate in the upcoming monetary policy is critical to boost investments and build the growth momentum at this juncture", Ficci President Rashesh Shah said.

Inflation of primary articles dipped to 3.9% in December 2017 from 5.3% in November 2017.

India's wholesale price index (WPI) inflation came in at 3.58% in December 2017 - gradually lower from 3.93% of November 2017 and higher from 2.10% a year ago same period.

The prices of food articles rose by 4.72 per cent from an acceleration of 6.06 per cent in the previous corresponding month.

Consumer price index -based inflation had surged to a 17-month high of 5.2% in December due to increased inflation in food, housing and personal care items.

"We also look forward to the Union Budget to provide details on more specific measures towards strengthening of agriculture supply chain for effective management of food prices". However, the price of viscose yarn (2 per cent) and manufacture of other textiles, woollen yarn, texturised & twisted yarn, manufacture of knitted & crocheted fabrics, cotton yarn and synthetic yarn (1 per cent each) moved up.

The Reserve Bank takes into account retail inflation while deciding on key policy rates.

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As per the government data released today, inflation in vegetables witnessed some softening at 56.46 per cent in December as against 59.80 per cent in the previous month.

While "Crude Petroleum & Natural Gas" group rose by 4.8% to 78.1 (provisional) from 74.5 (provisional) for the previous month due to higher price of crude petroleum (7%). It had maintained key interest rate (repo rate at 6%) in its December policy review. It raised inflation forecast for remainder of the current financial year to 4.3-4.7 per cent, on account of global crude oil prices and implementation of the 7th Pay Commission recommendations.

In terms of individual items, onion prices soared higher by 197.05 per cent, whereas for potatoes it plunged by (-) 8.40 per cent.

According to data from the Ministry of Commerce and Industry, the wholesale price index (WPI), with the revised base year of 2011-12, was 3.93 per cent in November.

On the other hand, protein-based food items such as eggs, meat and fish became expensive by 1.67 per cent during the month.

The sub-category of manufactured food products registered a decline of (-) 0.23 per cent.


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