WPI inflation: lowest in 18 months wholesale inflation rate – wpi inflation drops to 10.7% for September 2022, check details here


WPI inflation: lowest in 18 months wholesale inflation rate – wpi inflation drops to 10.7% for September 2022, check details here

WPI inflation: There was some relief in the high inflation environment. The inflation rate based on wholesale prices (WPI) has fallen slightly since August. While the wholesale inflation rate was 12.41% in August 2022, it fell to 10.7% in September.

Although inflation has been in double digits for the past 18 consecutive months, one thing reassures the experts. That is, September’s wholesale inflation rate was the lowest in 18 months.

A press release issued by the government said: “Mineral oil, foodstuffs, crude oil and natural gas, chemicals and chemical products, base metals, electricity, textiles, etc. contributed to inflation in September 2022 compared to the same month last year”.

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Wholesale food price inflation was 12.37% in August, down from 11.03% in September. Which is definitely a relief. The growth rate of manufacturing production is 6.34%. Another important sector, basic products rose by 11.73%. In the energy and electricity sector, the wholesale price of fuel was 32.61%. While in August this rate was 33.67%.

Wholesale inflation

Some experts said wholesale inflation eased for metals, chemicals, textiles and manufactured food. Wholesale inflation could drop to single digits from October. Because, with favorable conditions, prices on the world commodity market may fall.

But retail price inflation still worries economic analysts. Because, according to the recently published report, the September retail price inflation rate reached 7.4%. It has exceeded the central bank’s retail inflation target by 2 to 6 for 9 consecutive months.

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Since the inflation rate has exceeded the Reserve Bank’s target for the third consecutive half year since the beginning of the year, the Reserve Bank must submit a report to the central government. The report should indicate why the central bank failed to control inflation.

Incidentally, the central bank has been aggressively raising interest rates since last May to control inflation. So far, the central bank has raised short-term interest rates by 190 basis points. As a result, the repo rate increased by 5.9%, the highest in the last 3 years.

Cutting-edge, data-rich analysis from the Economic Times across more than 20 industries. click on

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