wholesale inflation rate
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The annual rate of wholesale inflation based on the All India Wholesale Price Index (WPI) has shown relief in the month of September. According to the data based on the Wholesale Price Index released by the Government of India, the wholesale inflation rate has been recorded at 10.7% in September. In August 2022, this figure was 12.41 percent. At the same time, in September 2021, this rate was 11.80 percent.
Wholesale inflation has declined for the fourth consecutive month in September. It has reached the lowest level in 18 months. However, it has remained above the 10 per cent level for the last one and a half years. The sharp fall in WPI inflation in September has been registered due to lower prices of food articles and manufactured products. Let us inform that on Friday, the data related to wholesale inflation has been released by the Ministry of Commerce.
An official statement issued by the ministry said that the wholesale inflation in September 2022, compared to the corresponding month of the previous year, was mainly due to consumption of mineral oils, food items, crude petroleum and natural gas, chemical and chemical products, basic metals, electricity, Driven by the rise in prices of textiles etc.
Inflation in food articles in September has come down to 11.03 per cent as against 12.37 per cent in August. However, the inflation of vegetables rose to 39.66 per cent in September from 22.29 per cent in August. Inflation in terms of fuel and power eased to 32.61 per cent in September from 33.67 per cent in August.
Wholesale inflation in manufactured products and oilseeds stood at 6.34 per cent and (-) 16.55 per cent, respectively. Explain that RBI mainly takes into account retail inflation for formulating monetary policy. According to data released earlier this week, retail inflation remained above the Reserve Bank’s upper tolerance limit of 6 per cent for the ninth consecutive month and stood at a 5-month high of 7.41 per cent in September.
The RBI has increased the repo this year four times to 5.90 per cent, which is the highest since April 2019, in a bid to tame the extremely high inflation.
The country’s exports grew 4.82 per cent to $35.45 billion in September. During this period, imports also increased by 8.66 percent to reach $ 61.61 billion. The increase in imports widened the country’s trade deficit to $25.71 billion. In September last year, there was a trade deficit of $ 22.47 billion. The commerce ministry said in its initial data in the first week of this month that the country’s goods exports declined by 3.52 per cent to $32.62 billion in September.
According to data released by the commerce ministry on Friday, exports in the first half (April-September) of the current financial year grew 16.96 per cent to $231.88 billion. Imports during this period increased by 38.55% to $380.34 billion. The trade deficit also widened to $148.46 billion.
Engineering goods down 10.85%
Engineering goods exports declined 10.85 per cent to $8.4 billion in September. The export of stitched garments also declined by 18 per cent to $1 billion. Plastic exports also declined 12.2 per cent to $66.66 million. On the other hand, there has been a positive growth in the export of gems and jewellery, petroleum products, leather, pharmaceuticals, chemicals and rice. The estimated value of exports of services for September 2022 is $25.65 billion, the ministry said. This is an increase of 18.72 per cent as compared to September 2021.
Expansion
The annual rate of wholesale inflation based on the All India Wholesale Price Index (WPI) has shown relief in the month of September. According to the data based on the Wholesale Price Index released by the Government of India, the wholesale inflation rate has been recorded at 10.7% in September. In August 2022, this figure was 12.41 percent. At the same time, in September 2021, this rate was 11.80 percent.