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Business News/ Economy / WPI Inflation in November 2023 increases by 0.26% due to rising food prices
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WPI Inflation in November 2023 increases by 0.26% due to rising food prices

November saw an increase in food inflation of 8.18 percent, up from 2.53 percent in October.

WPI index changes month-over-month stood at 0.53 per cent between November, 2023 and October, 2023. Photo: BloombergPremium
WPI index changes month-over-month stood at 0.53 per cent between November, 2023 and October, 2023. Photo: Bloomberg

Wholesale price-based inflation increased by 0.26 per cent in November compared to (-) 0.52 per cent in October. WPI inflation, which had been negative for the last seven months, rose sharply in November due to higher food prices, according to official data released on December 14.

"The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 0.26 per cent (Provisional) for the month of November 2023 (over November 2022). Positive rate of inflation in November 2023 is primarily due to increase in prices of food articles, minerals, machinery & equipment, computer, electronics & optical products, motor vehicles, other transport equipment and other manufacturing etc.," said an official release.

November saw an increase in food inflation of 8.18 percent, up from 2.53 percent in October.

The month-over-month change in the WPI index for the month of November 2023 stood at 0.53 per cent as compared to October 2023.

The primary Articles index increased by 1.30 per cent in November 2023 to 186.9 (provisional) from 184.5 (provisional) for October 2023. A 2.62 per cent increase in food article prices was recorded in November 2023 compared to October 2023. As compared to October 2023, the prices of non-food articles (-0.24 per cent), minerals (-0.41 per cent), crude petroleum, and natural gas (-4.79 per cent) decreased in November 2023.

The fuel and power index increased by 0.78 per cent to 155.3 (provisional) in November 2023 from 154.1 (provisional) in October 2023.

In a statement, the Commerce and Industry Ministry said the final Wholesale Price Index and inflation rate for 'All Commodities' (Base: 2011-12=100) were 151.8 and (-) 0.07 per cent.

Meanwhile, India's retail inflation, based on the Consumer Price Index (CPI), in November 2023 also increased to 5.55 per cent amid low base and rising food prices, according to the latest inflation data released recently. Though the 5.55 per cent CPI inflation is far from the RBI's medium-term target level of 4 per cent, it is within the tolerance limit of 2-6 per cent, Mint reported earlier.

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Published: 14 Dec 2023, 01:38 PM IST
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