WPI inflation eases to 12.41% in August; remains in double-digit for 17th consecutive month
The wholesale price-based inflation eased for the third consecutive month in August to 12.41 per cent, on softening in prices of manufactured items, even as food items saw an uptick. The Wholesale Price Index-based inflation was 13.93 per cent in July and 11.64 per cent in August last year. August is the 17th consecutive month of double-digit wholesale price inflation (WPI).
The WPI had touched a record high of 15.88 per cent in May, this year. Inflation in food articles in August rose to 12.37 per cent, as against 10.77 per cent in July.
The rate of price rise in vegetables was 22.29 per cent during the month under review, as against 18.25 per cent in July.
In the fuel and power basket, inflation was 33.67 per cent in August, as against 43.75 per cent in July. In manufactured products and oil seeds it was 7.51 per cent and (-) 13.48 per cent, respectively.
The Reserve Bank of India (RBI) mainly looks at retail inflation to frame its monetary policy.
Retail inflation has remained above the Reserve Bank's upper tolerance threshold of 6 per cent for the eighth month in a row and was at 7 per cent in August.
To tame stubbornly high inflation, the RBI has hiked the key interest rate three times this year to 5.40 per cent. According to the central bank's projections retail inflation is likely to average 6.7 per cent in 2022-23.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
03:19 PM IST