WPI inflation dips in Aug to 11-month low of 12.4%

NEW DELHI: Wholesale price inflation moderated to an 11-month low in August on the back of easing prices of fuel and power, manufactured food and non-food items but remained in double digits for 17th month in a row.
The data released by the ministry of commerce and industry on Wednesday showed inflation, as measured by the Wholesale Price Index (WPI), rose an annual 12.4% in August, lower than the previous month’s 13.9%. Inflation during the month was largely driven by rise in prices of mineral oils, food articles, crude petroleum and natural gas, basic metals, chemicals and chemical products, electricity, food products.
Food inflation rose to 9.9% in August from a three-month low of 9.4% in July.

food prices (1)

“The recent moderation in WPI inflation has largely been driven by a correction in global commodity prices following fears of a global slowdown and the reimposition of Covid restrictions in China,” said Aditi Nayar, chief economist at ratings agency ICRA.

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