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Informist, Monday, Jul 15, 2024

 

--India Jun WPI inflation rate 3.36% vs 2.61% May 

--Informist poll estimated India Jun WPI inflation at 3.6% 

--India Jun WPI primary articles inflation 8.80% vs 7.20% May 

--India Jun WPI fuel and power inflation 1.03% vs 1.35% May 

--India Jun WPI manufactured products inflation 1.43% vs 0.78% May 

--India Jun WPI food inflation 8.68% vs 7.40% May 

--India Jun WPI all commodity index up 0.4% on month 

--India Jun WPI food index up 2.5% on month 

--India Jun WPI primary articles index up 2.1% on month 

--India Jun WPI fuel and power group index down 1.9% on month 

--India Jun WPI manufactured products index up 0.1% on month 

--India Jun WPI vegetable index up 19.8% on month 

--India Jun WPI cereals index up 1.0% on month 

--India Jun WPI edible oils index up 0.5% on month 

--India Jun WPI basic metals index down 0.7% on month 

--India Apr WPI inflation rate revised to 1.19% vs 1.26% provisional 

--India Jun WPI core inflation rate 0.9% vs 0.4% May 

--India Jun WPI inflation rate at 16-month high 

 

NEW DELHI – India's annual inflation rate based on the Wholesale Price Index rose to a 16-month high of 3.36% in June from 2.61% in May because of a jump in wholesale food prices, data released today by the commerce and industry ministry showed. In June last year, WPI inflation was (-)4.18%.

 

The WPI inflation print for June was lower than expectations. According to a poll by Informist, WPI inflation for the month was seen at 3.6%. WPI inflation for April was revised lower to 1.19% from the provisional print of 1.26%.

 

The overall index rose 0.4% on month in June, led by a 2.5% increase in the food index. Wholesale food inflation rose to a 22-month high of 8.68% in June from 7.40% the previous month. The rise in wholesale food prices was led by a 19.8% month-on-month jump in the vegetable index. Vegetable inflation was a 10-month-high of 38.76% in June.

 

Within vegetables, the jump was led by tomato, onion, and potato. Wholesale prices of tomato jumped 49.8% on month in June, while prices of onion were up 36.7% from May. Wholesale prices of potato rose 9.1% on month in June. Wholesale onion inflation jumped to 93.35% in June from 58.05% in May.

 

Apart from vegetables, wholesale prices of pulses also rose last month, up 2.7% from May. Cereal prices rose 1.0% on month in June.

 

Manufactured products inflation was at a 16-month-high of 1.43% in June. On a sequential basis, the manufactured products index rose 0.1% compared to May. Wholesale fuel and power inflation eased to 1.03% in June from a 14-month-high of 1.35% in May. 

 

Wholesale core inflation also rose to a 16-month high of 0.9% in June from 0.4% in May. WPI core inflation had stayed in negative territory for 14 consecutive months till April.

 

"Looking ahead, the headline WPI inflation is expected to dip to around 2.0% in July 2024, driven by a favourable base, as well as some cooling in global commodity prices," Aditi Nayar, chief economist at rating agency ICRA, said in a note.

 

The following table details the sequential and annual increase in the main components of the WPI:

 

	Weight	June	Month-on-month change (in %)	Year-on-year change (in %)
				June	May
ALL COMMODITIES	100.00	153.9	0.4	3.36	2.61
PRIMARY ARTICLES	22.62	191.6	2.1	8.80	7.20
Food articles	15.26	205.0	3.0	10.87	9.82
Cereals	2.82	201.6	1.0	9.27	9.01
Pulses	0.64	229.3	2.4	21.64	21.95
Vegetables	1.87	282.8	19.8	38.76	32.42
Potato	0.28	339.9	9.0	66.37	64.05
Onion	0.16	279.2	36.7	93.35	58.05
Tomato	0.28	393.6	49.8	57.82	64.46
Fruits	1.60	200.9	(-)0.7	10.14	5.81
Milk	4.44	184.3	0.3	3.37	3.61
Eggs, meat, and fish	2.40	174.5	(-)2.2	(-)3.06	0.68
Non-food articles	4.12	155.8	(-)0.3	(-)1.95	(-)3.99
Oil seeds	1.12	180	0.3	(-)3.33	(-)4.98
Minerals	0.83	227.3	1.5	9.59	4.28
Iron ore	0.21	137.0	3.4	17.80	8.78
Crude petroleum	1.95	133.2	0.6	14.04	11.07
FUEL and POWER	13.15	147.7	(-)1.9	1.35	1.35
Coal	2.14	135.8	0.0	(-)1.31	1.19
Liquefied petroleum gas	0.64	115.7	(-)3.6	1.49	2.48
Petrol	1.60	153.8	(-)2.5	(-)1.35	0.51
High speed diesel	3.10	166	(-)1.0	(-)1.78	(-)1.06
Electricity	3.06	135.5	(-)1.7	0.22	(-)0.43
MANUFACTURED PRODUCTS	64.23	141.9	0.1	1.43	0.78
Food products	9.12	165.6	1.5	4.28	2.71
Edible oils	2.64	148.2	0.5	2.21	(-)1.54
Textiles	4.88	136.4	0.4	1.19	0.00
Chemical, chemical products	6.47	136.4	0.4	(-)1.09	(-)2.72
Non-metallic mineral products	3.20	131.5	(-)0.5	(-)2.38	(-)1.86
Cement and lime	1.64	131.7	(-)0.7	(-)4.15	(-)3.42
Basic metals	9.65	143.1	(-)0.7	1.06	0.35
Semi-finished steel	1.27	120.2	0.1	(-)1.31	(-)1.88

 

End

 

Reported by Shubham Rana

Edited by Avishek Dutta

 

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