India’s inflation based on the wholesale price index (WPI) in November 2023 increased to 0.26 per cent on a year-on-year basis over November, 2022, led by a sharp spike in food prices. The positive rate was primarily due to increase in prices of food articles, minerals, machinery and equipment, computer, electronics and optical products, motor vehicles, other transport equipment and other manufacturing, the Commerce Ministry’s provisional data showed on Thursday.
The WPI inflation was in the negative or deflationary zone for the seventh successive month in October, coming at 0.52 per cent, led by decline in sub-components such as crude petroleum, textiles, diesel, chemicals, chemical products, etc, brokerage Anand Rathi’s research shows.
The data on month-over-month change in major groups of WPI shows primary articles index increased by 1.30 per cent to 186.9 in November, 2023 from 184.5 for the month of October, 2023. As compared to October, 2023, prices of food articles increased 2.62 per cent in November, 2023. prices of non-food articles decreased 0.24 per cent, minerals decreased 0.41 per cent and crude petroleum and natural gas showed decline of 4.79 per cent.
For the fuel and power basket, the index increased by 0.78 per cent to 155.3 per cent in November, 2023 from 154.1 per cent for the month of October, 2023. Prices of electricity increased 9.93 per cent and mineral oils declined 1.99 per cent.
The index for manufactured products increased by 0.07 per cent to 140.4 in November, 2023 from 140.3 for the month of October, 2023. Some of the important groups that showed month-over-month increase in prices are other manufacturing — manufacture of food products, motor vehicles, trailers and semi-trailers, fabricated metal products, except machinery and equipment, wood and of products of wood and cork etc. Some of the groups that witnessed a decrease in prices are manufacture of basic metals, electrical equipment, textiles, other non-metallic mineral products, rubber and plastic products etc. The food index consisting of ‘food articles’ from primary articles group and ‘food product’ from manufactured products group have increased from 179.6 in October, 2023 to 183.1 in November, 2023. The rate of inflation based on WPI Food Index increased from 1.07 per cent in October, 2023 to 4.69 per cent in November, 2023.
