According to preliminary statistics provided by the Ministry of Commerce & Industry on Thursday, India’s wholesale price index (WPI)-based inflation for October increased to a four-month high of 2.36 percent on an annual basis, up from 1.84 percent in September. The WPI inflation rate was 1.31 percent in August and 2.04 percent in July. According to the announcement, “inflation in October 2024 is primarily due to increase in prices of food articles, food product manufacturing, other manufacturing, machinery & equipment manufacturing, motor vehicle, trailer, and semi-trailer manufacturing, etc.” In comparison to September 2024, the WPI saw a 0.97 percent month-over-month change in October 2024.
Food article inflation increased to 13.54 percent in October from 11.53 percent in September, according to a Ministry of Commerce & Industry report. Inflation for main goods increased from 6.59 percent in September to 8.09 percent in October. In October, gasoline and power inflation was -5.79 percent, compared to -4.05 percent in September. For the month under review, the inflation rate for manufactured goods was 1.50%.
Vegetable inflation, which falls under the food articles category, increased significantly from 48.73 percent in September to 63.04 percent in October. Compared to September, when it was 7.60 percent, the inflation rate for wheat was 8.04 percent in October, while the inflation rate for pulses was 9.74 percent. The inflation rate for cereals was 7.91 percent. Inflation for eggs, meat, and fish was -0.52%. Inflation rates for potatoes and onions were 78.73 percent and 39.25 percent, respectively.
WPI inflation in October was -1.71 percent, according to non-food articles, compared to -1.64 percent in September. October’s mineral inflation rate was 1.87 percent, down from 3.03 percent in September. The crude petroleum and natural gas industries reported wholesale inflation of -12.16 percent and -12.98 percent, respectively, in October.
