Cost of living LIVE updates Oct 16: September WPI inflation at -0.26%, negative for 6th consecutive month

On Monday, Honda Motorcycle & Scooter India (HMSI) introduced the 2023 CB300R, compliant with OBD2A standards, with a base price of ₹2.40 lakh (ex-showroom, Delhi). This Neo Sports Café Roadster is available for booking at your closest BigWing dealership. It is equipped with a 286.01cc 4-stroke, single-cylinder BS 6 PGM-FI engine that produces 22.9 kW of power and 27.5 Nm of torque.

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Diageo will be launching a Cocktail Collection in the US this month that features four classic tipples in 350 ml and 750 ml bottles. Its an assortment of RTDs  with the 350 ml bottle holding, reported Bloomberg.

The alcohol conglomerate is betting on its new line of premium, premixed drinks to drive sales as Covid demand is wearing off.

“The 350 ml tipples will have four servings and will retail at $14. The 750 ml bottle contains eight drinks for $26,” Bloomberg reported.

From Apple iphone 13 to OnePlus Nord CE 3 Lite and Samsung Galaxy M34 - here is a list of smartphones you can consider in the latest Amazon sale. 

To get the most outstanding mobile discounts and remain on top of technology, keep up with the Amazon great Indian festival sale. What else? If you are a prime member, you get access to the deals 24 hours before the actual deal starts!

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In the second quarter of 2023-24, there was growth in passenger vehicles, three-wheelers, and commercial vehicle segments, as stated by Vinod Aggarwal, President of SIAM. However, two-wheeler wholesale numbers saw a slight decrease compared to the same period last year.

Aggarwal expressed optimism for all industry segments as they head into the festival season, anticipating positive figures in Q3. He attributed the growth in the automobile sectors to the overall economic expansion of the country, facilitated by supportive government policies.

Passenger vehicle wholesales in India saw a 1.87% year-on-year increase, reaching 3,61,717 units last month, as reported by the Society of Indian Automobile Manufacturers (SIAM) on Monday. Dispatches to dealers stood at 3,55,043 units in September 2022.

Two-wheeler sales also experienced growth, reaching 17,49,794 units last month compared to 17,35,199 units in the same period last year, according to SIAM.

Three-wheeler wholesales showed a notable increase, rising to 74,418 units last month from 50,626 units in September 2022. The total dispatches for all categories reached 21,41,208 units, up from 20,93,286 units in the same month of the previous year.

In the September quarter, overall sales in the Indian automobile sector increased to 61,16,091 units, compared to 60,52,739 units in the second quarter of 2022-23.

WPI-based inflation in September 2023 is at -0.26 percent, against -0.52 percent in August, according to data released by the National Statistical Office (NSO) on October 16. This is the sixth consecutive month, since April 2023, that WPI data has seen negative trend.

Food index for the month of September stood at 1.54 percent, compared to 5.62 percent in August; while WPI for primary articles is at 3.7 percent in September, against 6.34 percent in August; and fuel and power inflation for September is at -3.35 percent, compared to -6.03 percent in August.

Despite a positive reduction in inflation, the Consumer Price Index (CPI) in the country has persisted above the 4% mark, a target indicated by the central bank as crucial before considering rate adjustments. Notably, food inflation, a significant component of the consumer price basket, also saw a decrease last month, registering a rise of 6.56% in September compared to 9.94% in August.

The surge in vegetable prices had been a key factor driving inflation in the past two months, leading the government to impose a ban on rice exports and increase duties on onions in response to the rising inflation.

In September, vegetable inflation showed a notable easing, dropping to 3.39% from 26.14% in the previous month. Additionally, cereal inflation in September decreased to 10.95% from 11.85% in August, with wheat exports being banned since the previous year.

Industry experts have pointed out the impact of components like fuel, light, vegetables, and edible oil on inflation. However, cereals, pulses, and spices continued to experience a rise in their prices.

India's retail inflation witnessed a notable decline in September, dropping to a three-month low. After reaching its peak level in the past 15 months, the Consumer Price Index (CPI) experienced a cooling effect, mainly attributed to lower vegetable prices.

The September inflation figure of 5.02 percent is notably lower than the 6.83 percent recorded in August, according to data released by the Ministry of Statistics. This dip brings the inflation rate below the upper tolerance band of 2-6 percent set by the RBI.

Industry experts had anticipated this decrease, pointing to a significant fall in certain food items, particularly vegetable prices and edible oils.

Fuel rates are revised at 06:00 A.M every day. From June 2017, fuel prices in India are revised daily, and this is called the dynamic fuel price method.

Bangalore

PETROL (Rs/L) - 101.94 (unchanged)

DIESEL (Rs/L) - 87.94 (up +0.05)

Chandigarh

PETROL (Rs/L) - 96.2 (unchanged)

DIESEL (Rs/L) - 84.26 (Unchanged)

Chennai

PETROL (Rs/L) - 102.63 (down -0.12)

DIESEL (Rs/L) - ₹94.33 (Up +0.09)

Kolkata

PETROL (Rs/L) - 106.03 (unchanged)

DIESEL (Rs/L) - ₹92.76(Unchanged)

Mumbai City

PETROL (Rs/L) - 106.31 (unchanged)

DIESEL (Rs/L) - ₹94.27(Unchanged)

New Delhi

PETROL (Rs/L) - 96.72 (unchanged)

DIESEL (Rs/L) - ₹89.62(Unchanged)

Oil prices fell on Monday, partly reversing Friday's rally as investors wait to see if the Israel-Hamas conflict draws in other countries, which could drive up prices and deal a fresh blow to the global economy.

Brent futures slid 34 cents, or 0.4%, to $90.55 per barrel and U.S. West Texas Intermediate (WTI) crude dropped 41 cents, or 0.5%, to $87.28 a barrel by 0048 GMT.

Both benchmarks rose nearly 6% on Friday, posting their highest daily percentage gains since April, as investors priced in the possibility of a wider Middle East conflict.

For the week, Brent recorded a gain of 7.5% while WTI climbed 5.9%.