Financial News: India Wholesale Prices Rise 0.20%, Less Than Forecast

India Wholesale Prices Rise 0.20%, Less Than Forecast

03/14/2024 - 03:58:00 (RTTNews)

(RTTNews) - India's wholesale prices increased for the fourth straight month in February, though at a slower-than-expected pace, data published by the National Statistical Office showed on Thursday.

The wholesale price index, or WPI, rose 0.20 percent year-over-year in February, slower than the 0.27 percent gain in January. Economists had expected a 0.25 percent increase for the month.

The slowdown in inflation was mainly due to the continued fall in prices for fuel, power, and manufactured products.

Meanwhile, food price inflation rose to 4.09 percent from 3.79 percent in January. Similarly, costs for primary articles grew at a faster pace of 4.49 percent.

Prices for manufactured products were 1.27 percent lower compared to last year, and those for fuel and power declined 1.59 percent.

On a monthly basis, wholesale prices edged up 0.1 percent, reversing a 0.46 percent drop in January.

Data released earlier this week showed that India's consumer price inflation eased marginally to 5.09 percent in February from 5.10 percent in the prior month.

Further, inflation remained within the central bank's tolerance band of 2-6 percent.

Last month, the Reserve Bank decided to keep the repo rate unchanged at 6.50 percent.

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