India’s wholesale prices rose 0.16% in August, government data released on Monday showed. The increase in prices was due to food items and manufactured items growing costlier. In July, the wholesale price index had fallen by 0.58%, the fourth straight month of decline.
“The annual rate of inflation, based on monthly WPI, stood at (0.16%) (Provisional) for the month of August, 2020 (over August, 2019) as compared to 1.17% during the corresponding month of the previous year,” the Ministry of Commerce and Industry said in a press release.
The index for all primary articles rose by 1.6%. Of these, food articles became more expensive by 3.84%. Potato prices rose by as much as 82.93%, while onion prices fell by 34.48%.
Fuel and power became cheaper by 9.68% in August, with high speed diesel losing 14.33% in price and petrol 13.78%. On the other hand, the wholesale price of liquefied petroleum gas rose by 6.15%.
The index for manufactured products rose by 1.27%. In this category, vegetable and animal oils and fats became costlier by 17.38%.
The Reserve Bank of India had in its Monetary Policy Review last month kept interest rates unchanged, saying that there would be a rise in wholesale prices.