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Easing vegetables prices pull down WPI inflation to 1.31%
New Delhi: Wholesale inflation fell to a 4-month low of 1.31 per cent in August due to a decline in prices of vegetables and fuel, even though onion...
New Delhi: Wholesale inflation fell to a 4-month low of 1.31 per cent in August due to a decline in prices of vegetables and fuel, even though onion and potato prices spiked, according to official data released on Tuesday. Wholesale price index-based inflation fell for the second straight month in August after it hit a high of 3.43 per cent in May. Inflation in July was 2.04 per cent. In August last year, WPI inflation was (-) 0.46 per cent.
“Positive rate of inflation in August 2024 is primarily due to an increase in prices of food articles, processed food products, other manufacturing, manufacture of textiles and manufacture of machinery & equipment, etc,” the Commerce and Industry Ministry said in a statement.
Inflation in food items was 3.11 per cent in August against 3.45 per cent in July. This was led by declining prices of vegetables, which dropped 10.01 per cent in August. Inflation in potatoes and onions continued to be high at 77.96 per cent and 65.75 per cent, respectively, in August. Barclays in a note said the slowing in August WPI was driven by a sequential decline in food (vegetable) prices.
The continued climb in non-perishable food prices needs to be watched. ICRA Senior Economist Rahul Agrawal said while Kharif sowing has been healthy so far, the surplus rainfall in the ongoing month can potentially delay the Kharif harvesting and/or impact such yields, even as reasonably healthy reservoir storage at pan-India level is likely to boost the sowing of Rabi crops.
