HomeBusinessWholesale price inflation falls to 12.41% in August

Wholesale price inflation falls to 12.41% in August

This is the seventeenth consecutive month that wholesale inflation has been above 10%

This is the seventeenth consecutive month that wholesale inflation has been above 10%

India’s wholesale price inflation declined from 13.93% in July to 12.41 per cent in August, while the food index was the only segment to report higher inflation during the month, from 9.41% in July to 9.93%.

Inflation in manufactured products declined to 7.5%, while fuel and power inflation declined to 33.67% from 43.75% in July. Inflation in primary articles fell marginally to 14.93% in August from 15.04% in July

Inflation in August 2022 is mainly contributed by an increase in prices of mineral oils, food articles, crude petroleum and natural gas, basic metals, chemicals and chemical products, electricity, food products, etc., compared to the corresponding month of the previous year. Ministry of Commerce and Industry said.

This is the seventeenth consecutive month that wholesale inflation has exceeded 10%.

Wholesale inflation for the month of June has also been revised upwards to 16.23% from the earlier estimated 15.18%. Earlier, the inflation rate for May was similarly revised to 16.63%, a record high.

The Reserve Bank of India (RBI) primarily looks at retail inflation to formulate its monetary policy.

Retail inflation has remained above the Reserve Bank’s upper tolerance limit of 6% for the eighth consecutive month and stood at 7% in August.

In order to control inflation, the RBI has increased the key interest rate three times to 5.40% this year.

Retail inflation is expected to average 6.7% in 2022-23 as per the central bank’s projections.

(with inputs from PTI)

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