Published: Thu, September 14, 2017
Markets | By Noel Gibbs

WPI inflation hits 4-month high at 3.24% in August 2017

WPI inflation hits 4-month high at 3.24% in August 2017

The annual rate of inflation, based on monthly WPI, stood at 3.24% (provisional) for the month of August, 2017 (over August, 2016) as compared to 1.88% (provisional) for the previous month and 1.09% during the corresponding month of the previous year.

Wholesale inflation rose to a four-month high of 3.24 per cent in August as prices of food articles, led by onions and vegetables, soared.

Teresa John, Research Analyst, Nirmal Bang said, "WPI inflation is also likely to rise to 2.78% in August 2017 from 1.9% in the previous month". The index for textiles sub-group declined by 0.6 per cent to 112.7 from 113.4 for the previous month due to lower price of cotton yarn (2 per cent) and synthetic yarn and manufacture of other textiles (1 per cent each).

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Food inflation came at 5.75% in August against 2.15% in the previous month.

Vegetable prices shot up by 44.91 per cent in August, as against 21.95 per cent in July.

Inflation in manufactured products witnessed a slight increase at 2.45 percent in August, against 2.18 percent in July.

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"Primary items such as perishables and oil seeds, as well as the global price rise in fuels and metals, drove a large part of the increase in WPI inflation in August", Aditi Nayar, principal economist at credit rating agency ICRA said to The Economic Times.

However, potato continued to see deflation at 43.82 percent and pulses (-) 30.16 percent. The final print of June WPI inflation remained unchanged from provisional estimate of 0.90 per cent. The rate cut was the first in 10 months and brought policy rates to near 7-year low.

Core inflation jumped to 4.6%, a reflection of the impact of GST.

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