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Wholesale inflation eases to 8.39%, consumers may not benefit
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IANS | 14 Nov, 2022
India's wholesale price inflation (WPI) in October fell to a 20-month low 8.39 per cent year-on-year, since March 2021.
It was also less compared to 10.70 per cent in September, mainly due to a slide in commodity prices.
This was also the first time that the WPI fell below a double-digit mark in 18 months.
The WPI had soared to 15.88 per cent in May 2022. In October 2021, it was 13.83 per cent.
"Decline
in the rate of inflation in October 2022 is primarily contributed by
fall in the price of mineral oils, basic metals, fabricated metal
products, except machinery and equipment, textiles, other non-metallic
mineral products minerals etc," an official statement said.
Inflation
in primary articles was 11.04 per cent, while food articles inflation
rose to 8.33 per cent from 0.06 per cent in October 2021.
Reacting
to the numbers Rajani Sinha, Chief Economist, CARE Ratings told IANS:
"In line with our expectations, WPI inflation fell to single digit in
October after a gap of 18 months. The easing of WPI inflation was aided
by softer global commodity prices and a favourable base."
She
said, with significant correction in prices of fuel, metals and
chemicals in the past five months, WPI inflation has been on a downward
trend.
"Imported inflation due to weaker rupee and high food
inflation (fo r items like cereals and vegetables) will continue to put
some upward pressure on WPI inflation. Nevertheless, we expect the
wholesale inflation to ease further and scale below the CPI inflation by
the fourth quarter of FY23," Sinha added.
The pace of moderation
in inflation at the retail level could be relatively muted as producers
may not fully pass on the benefits of easing commodity prices to the
final consumers, she added.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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