India’s Wholesale Inflation Jumps To 0.73 Per Cent In December On Rise In Food Prices
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India’s wholesale price index (WPI)-based inflation jumped in December at 0.73 per cent, mainly because of a sharp rise in food prices. The WPI inflation was in the negative zone from April to October and had turned positive in November at 0.26 per cent. Earlier in March 2023, the WPI-based inflation was 1.34 per cent before falling to -0.92 per cent in April.
The commerce and industry ministry in a statement on Monday said, “Positive rate of inflation in December 2023 is primarily due to increase in prices of food articles, machinery & equipment, other manufacturing, other transport equipment and computer, electronics & optical products etc.”
Retail or consumer price-based inflation (CPI) for December rose to a 4-month high of 5.69 per cent, according to the CPI inflation data released last Friday. Food inflation rose to 9.38 per cent in December from 8.18 per cent in November 2023. Inflation in vegetables was 26.30 per cent, while in pulses it was 19.60 per cent in December.
The Reserve Bank of India (RBI) in its bi-monthly monetary policy last month held interest rates steady and flagged risks of rising food inflation in November and December.
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