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Wednesday 22 January 2020

Wholesale inflation eases to 6-month low of 2.84% in Jan

New Delhi: Inflation based on wholesale prices eased to a six-month low of 2.84% in January on cheaper food articles even as vegetable prices continued to rule high.

Calculated on the basis of Wholesale Price Index (WPI), the inflation was 3.58% in December 2017 and 4.26% in January 2017.

WPI inflation at 2.84% in January is the lowest in six months. The previous low level was recorded in July at 1.88%.

According to the government data released today, inflation on food articles slowed to 3% in January, from 4.72% in December 2017.

Inflation in vegetables witnessed some softening with annual inflation at 40.77% in January as against 56.46% in the previous month. Kitchen staple onion witnessed a whopping 193.89% price rise in January.

Pulses witnessed deflation at 30.43%, and the same for wheat and cereals was 6.94% and 1.98% respectively.

Prices of protein-rich items eggs, meat, and fish cooled by 0.37% while that of fruits rose 8.49% in January.

In the fuel and power segment, WPI rose to 4.08% in January, while it was 2.78% for manufactured items.

Data released earlier this week showed that CPI was at 5.07%. The Reserve Bank takes into account CPI while deciding on key policy rates.

In its policy review last week, the RBI had kept key interest rate unchanged and estimated CPI to be 5.1% in the January-March quarter. For April-September, RBI projected CPI to be in the range of 5.1-5.6%.

Meanwhile, WPI for November has been revised upwards to 4.02% from the provisional estimate of 3.93% released earlier.

PTI

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