Financial News: India Wholesale Price Inflation Eases To 1.31%, Lowest

India Wholesale Price Inflation Eases To 1.31%, Lowest In 4 Months

09/17/2024 - 03:25:00 (RTTNews)

(RTTNews) - India's wholesale price inflation softened more-than-expected in August to the lowest level in four months, provisional data from the Ministry of Commerce and Industry revealed on Tuesday.

The wholesale price index, or WPI, rose 1.31 percent year-over-year in August, slower than the 2.04 percent increase in July. Economists had expected inflation to ease to 1.80 percent.

Prices for primary articles grew at a slower pace of 2.42 percent in August versus a 3.08 percent gain in the prior month. Similarly, the yearly price growth in the food index moderated to 3.26 percent from 3.55 percent.

Costs for manufactured products climbed 1.22 percent after a 1.58 percent increase in the preceding month. Meanwhile, costs for fuel and power were down 0.67 percent.

On a monthly basis, wholesale prices dropped 0.45 percent from July, when they increased by 0.78 percent.

Data released last week showed that India's consumer price inflation rose marginally to 3.65 percent in August from 3.60 percent in July. Nonetheless, consumer price inflation continued to remain within the lower band of the 2-6 percent target.

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