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WPI Inflation Rate in India September 2022: The index came down at 10.7 percent, lowest since March 2021. The core inflation was recorded at 7 percent compared to 7.8 percent in the preceding month.
The Wholesale Price Index (WPI) for September, according to the data released by the government, eased to 10.7 percent — the lowest since March 2021 — though it remained in double digits.
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As per a CNBC-TV18 poll, the WPI was along the expected range of 11.2 percent as against 12.4 percent in the preceding month, and 11.8 percent in the year-ago period.
WPI had eased to an 11-month low in August. It had touched a record high of 15.88 percent in May.
The primary contributors in September were the rise in prices of mineral oils, food articles, crude petroleum and natural gas, chemicals and chemical products, basic metals, electricity, and textiles as compared to the corresponding month of the previous year.
The September core inflation was recorded at 7 percent compared to 7.8 percent in the preceding month.
WPI measures the price changes of goods that wholesale businesses sell to and trade in bulk with other businesses. At present, the index has a total of 697 items, including primary articles (117), fuel and power (16), and manufactured products (564). In the new series, a total of 1,176 items in these three categories have been proposed — primary articles (131), fuel and power (19), and manufactured products (1,026).
In the case of agriculture commodities, new items such as medicinal plants like isabgol, aloe vera and menthol; fennel seed and methi seed, mushroom and watermelon were proposed to be added in the new series subject to the availability of data.
Ever since the introduction of the WPI in 1942 with the base year 1939, seven revisions have taken place, introducing new base years in 1952-53, 1961-62, 1970-71, 1981-82, 1993-94, 2004-05, and 2011-12, as per a PTI report. The current WPI base year 2011-12 series was launched in May 2017.
Also Read: As inflation rises and IIP shrinks, economists warn India might struggle to hit 6% GDP next year
First Published: Oct 14, 2022 10:33 AM IST