Financial News: India Wholesale Price Inflation Rises To 3.36%, Highest

India Wholesale Price Inflation Rises To 3.36%, Highest In 16 Months

07/15/2024 - 03:27:00 (RTTNews)

(RTTNews) - India's wholesale price inflation accelerated further in June to the highest level in nearly one-and-a-half years amid increases in prices in a wide range of categories, provisional data from the Ministry of Commerce and Industry revealed on Monday.

The wholesale price index, or WPI, rose 3.36 percent year-over-year in June, faster than the 2.61 percent increase in May. Economists had expected inflation to accelerate to 3.50 percent.

Further, the rate of inflation was the highest since February 2023, when prices had risen 3.85 percent.

Prices for primary articles grew 8.80 percent in June versus a 7.20 percent gain in the prior month. Similarly, the yearly price growth in the food index accelerated to 8.68 percent from 7.40 percent.

Costs for manufactured products climbed 1.43 percent after a 0.78 percent gain in the preceding month.

Meanwhile, the annual price growth in fuel and power eased from 1.35 percent in May to 1.03 percent in June.

On a monthly basis, wholesale prices moved up 0.39 percent from June, when they increased by 0.26 percent.

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