The annual rate of inflation, based on the all-India Wholesale Price Index (WPI), was provisionally recorded at 1.89 percent for November 2024, compared to November 2023. This positive inflation rate is largely attributed to price increases in key sectors such as food articles, food products, textiles, machinery, and other manufacturing categories. On a month-over-month basis, the WPI showed a slight decline of (-) 0.06 percent in November 2024 compared to October 2024.
Within the major groups of the WPI, Primary Articles, which carry a weight of 22.62 percent, saw their index decrease by 1.20 percent to 197.9 in November 2024, down from 200.3 in October 2024. This decline was driven by falling prices of food articles, which dropped by 1.83 percent, and crude petroleum and natural gas, which decreased by 0.41 percent. However, the prices of minerals increased by 2.10 percent, and non-food articles rose by 0.56 percent during the same period.
The Fuel and Power group, accounting for 13.15 percent of the WPI, experienced an increase of 0.41 percent in its index, rising to 147.1 in November 2024 from 146.5 in October 2024. The increase was primarily due to a 0.72 percent rise in the prices of mineral oils, while the price of electricity generation marginally declined by 0.07 percent. Coal prices remained unchanged during this period.
The Manufactured Products group, which holds the highest weight of 64.23 percent in the WPI, registered an increase of 0.35 percent, with its index rising to 143.0 in November 2024 from 142.5 in October 2024. Among the 22 NIC two-digit groups within this category, prices increased in 10 groups, decreased in another 10 groups, and remained unchanged in two groups. Notable increases were observed in the manufacture of food products, furniture, non-metallic mineral products, pharmaceuticals, and electrical equipment, while declines were seen in basic metals, rubber and plastics, chemicals, electronic products, and motor vehicles.
The WPI Food Index, which includes food articles from the primary articles group and food products from the manufactured products group, declined to 200.3 in November 2024 from 201.2 in October 2024. The inflation rate for the Food Index also fell, dropping from 11.59 percent in October 2024 to 8.92 percent in November 2024.
The final Wholesale Price Index for September 2024, based on the base year 2011-12=100, stood at 154.7, with an inflation rate of 1.91 percent.
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