India’s wholesale price inflation rose to 1.48% in October, as compared to 0.00 % during the same month last year, data released by the government on Monday showed.
The WPI inflation rose for the third consecutive month. It has now hit its highest figure since March, Financial Express reported.
The rate of WPI inflation was at 1.32% in September. The government also revised the inflation rate for August from 0.16% to 0.41%.
The latest figures show that the WPI manufacturing index rose from 1.61% in September to 2.12% in October. The WPI food index, meanwhile, reduced to 5.78% in October from 6.92% in September.
Joseph Thomas, the head of research at the Mumbai-based Emkay Wealth Management, told Financial Express that contrary to previous expectations, food prices in the country did not seem to be moderating. He added that rise in prices had moved to all major food components, from fruits and vegetables.
Government data released last week had shown that India’s retail inflation rose to 7.61% in October, from 7.27% in September.
The rise in inflation was mainly driven by elevated food prices. It grew beyond the Reserve Bank of India’s 6% upper margin. The Centre had mandated that retail inflation be kept within a 4% range, with a 2% margin on each side.
The data released also showed that the Consumer Food Price Index rose to 11.07% in October, from 10.68% in September.