Wholesale price inflation eased further to 12.41 per cent in August, the Ministry of Commerce & Industry said on Wednesday. The annual rate of inflation based WPI was 13.93 per cent in July, which also was a dip from June’s 15.18 per cent.
“Inflation in August, 2022 is primarily contributed by rise in prices of mineral oils, food articles, crude petroleum & natural gas, basic metals, chemicals & chemical products, electricity, food products etc. as compared to the corresponding month of the previous year,” said the ministry.
The month over month change in WPI index for the month of August, 2022 stood at -0.46 per cent as compared to July, 2022, the ministry added.
WPI food index that consists of food articles from the Primary Articles group and food products from the Manufactured Products group, increased from 174.4 in July to 176.0 in August. The rate of inflation based on WPI Food Index increased from 9.41 per cent in July to 9.93 per cent in August.
The index for the primary articles increased by 0.62 per cent to 178.6 in August from 177.5 for the month of July, while prices of nonfood articles (1.98 per cent) and food articles (1.57 per cent) also increased. Prices of minerals (-1.90 per cent) and crude petroleum and natural gas (-7.34 per cent) decreased in August as compared to July. Food articles include items such as cereals, paddy, wheat, pulses, vegetables, potato, onion, fruits, milk, and eggs, meat and fish.
Fuel and power index that include items such as LPG, petroleum and HSD, increased by declined by 4.83 per cent to 157.6 in August from 165.6 for July. Prices of electricity (2.85 per cent) increased in August as compared to July, while prices of mineral oils (-7.79 per cent) declined in August.
The index for manufactured products increased by 0.07 per cent to 143.2 in August from 143.1 for July.
“Out of 22 NIC two-digit groups for Manufactured Products, 12 groups have witnessed an increase in prices while 10 groups have witnessed a decrease in price. The increase in prices is mainly contributed by other non-metallic mineral products, motor vehicles, trailers and semi-trailers, electrical equipment, pharmaceuticals, medicinal chemical and botanical products, computer, electronic and optical products, machinery and equipment, wearing apparel, paper and paper products, etc in August, 2022 as compared to July, 2022. Some of the groups that have witnessed decrease in prices are food products, textiles, chemical and chemical products, rubber and plastic products, furniture, and other manufacturing, etc. in August, 2022 as compared to July, 2022,” the ministry said.
Also read: Wholesale price inflation eases to 13.93% in July against 15.18% in June