The annual inflation rate in India, as measured by the Wholesale Price Index (WPI), was provisionally recorded at 2.36% for October 2024 compared to the same month in 2023. This rise in inflation can be attributed to higher prices of food articles, manufactured food products, machinery and equipment, motor vehicles, trailers, and other goods. On a monthly basis, the WPI increased by 0.97% in October 2024 compared to September 2024.
Trends in Major Sectors:
Primary Articles: The index for primary articles rose 2.35% to 200.3 in October 2024 from 195.7 in September 2024. Prices of food articles increased by 3.37%, while crude petroleum and natural gas rose by 0.41%. In contrast, prices of minerals and non-food articles fell by 1.67% and 0.37%, respectively.
Fuel & Power: The index for this category decreased slightly by 0.27%, moving to 146.5 in October 2024 from 146.9 in September 2024. Electricity prices rose by 1.18%, while prices of mineral oils and coal declined by 0.84% and 0.07%, respectively.
Manufactured Products: The index for manufactured goods rose by 0.49%, reaching 142.5 in October 2024 from 141.8 in September 2024. Of the 22 NIC two-digit groups, prices increased in 14 groups, decreased in 6, and remained unchanged in 2. Notable price increases were observed in manufactured food products, basic metals, machinery, and transport equipment. Conversely, price declines were seen in fabricated metal products (excluding machinery), pharmaceuticals, non-metallic mineral products, chemicals, and tobacco products.
WPI Food Index: The Food Index, which comprises food articles from the primary articles group and food products from the manufactured products group, increased from 195.3 in September 2024 to 201.2 in October 2024. The inflation rate based on the Food Index climbed from 9.47% in September 2024 to 11.59% in October 2024.
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