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Image Source : PTI Picture for representational purposes
There has been a double blow on the inflation front. After increasing retail inflation in November, now wholesale inflation has also reached the highest level in 8 months. The wholesale inflation stood at 0.26 percent in November which rose sharply after remaining below zero for seven months due to rising food prices. Wholesale price index (WPI) based inflation also remained below zero continuously since April. In October it was minus 0.52 percent. At the same time, retail inflation increased to 5.55 percent in November after reaching a four-month low of 4.8 percent in October.
Wholesale inflation increased
According to the statement issued by the Ministry of Commerce and Industry, inflation in November 2023 will mainly be due to an increase in prices of food items, minerals, machinery and equipment, computers, electronic and optical products, motor vehicles, other transport equipment and other manufacturing goods etc. Inflation in food articles stood at 8.18 percent in November, which was 2.53 percent in October.
RBI did not change the repo rate
Retail or consumer price inflation rose to a three-month high of 5.55 percent in November due to rising food prices, according to official data released earlier this week. The Reserve Bank of India (RBI) recently kept interest rates steady in its bi-monthly monetary policy. Also, there were indications of increasing food inflation in November and December.Image Source : PTIRetail inflation
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