Economy

India's Wholesale Price Inflation Slows For Third Month

India's Wholesale Price Inflation Slows For Third Month

Wholesale price index (WPI)-based inflation for the month of February is down to a 7-Month Low of 2.48 percent as compared to 2.84 percent in January.

The index for manufactured products (weight 64.23 per cent) for February 2018 rose by 0.4 per cent to 115.2 from 114.7 for the previous month.

On a monthly basis, wholesale prices showed no variations in February. Wholesale food prices in February 2018 rose just 0.88 per cent from a year earlier, compared with a 3 per cent rise in January, the data showed.

The index for "Food Articles" group declined by 2.0 per cent to 137.8 (provisional) from 140.6 (provisional) for the previous month due to lower price of fruits and vegetables (9 percent), gram, tea and masur (4 per cent each), rajma and bajra (3 per cent each), and wheat (1 per cent).

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While the rate of price rise in onion slowed, it increased in the case of another kitchen essential, potato. "At present, we expect the average WPI inflation to rise to 3.9% in FY2019 from around 2.9% in FY2018", said Aditi Nayar, principal economist at credit rating agency ICRA.

The consumer price index (CPI)-based retail inflation has also eased to 4.44% in February, as per the data released earlier. However, the price of soyabean (11 per cent), mesta (8 per cent), raw jute (5 per cent), guar seed (4 per cent), raw wool and fodder (2 per cent each) moved up.

Primary food and non-food articles, fuel and power and manufactured food products were the key drivers of the easing in the WPI inflation in February 2018.

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