The decreasing inflation rate continues to slip down for the second consecutive week after some extreme exercise by the central government and Reserve Bank of India (RBI). On the back of falling crude oil prices, the latest Wholesale Price Index (WPI) data for the week ended November 08 measured it at 8.90 percent from 8.98 percent a week ago.
The annual rate of inflation, calculated on point-to-point basis has declined by 0.8 percent during the week with falling prices of crude oil, metal and other manufactured items. Major declination has been recorded in prices of light diesel oil (11%), furnace oil (9%), aviation turbine fuel (5%) and naphtha (4%).
Inflation was at 3.20% last year for the same corresponding week.
The major commodity index, which has gone upward is ‘primary article group’– that covers food articles, non-food article groups, and minerals group – by 0.4%, while the index of other article groups have declined.
Fuel, power, light & lubricants article group dipped by 0.9%, while index for ‘manufactured product group’– that consists of food products group, textile, rubber & plastic products, chemicals & chemical products, basic metals alloys & metal products, machinery & machine tools and transport equipment & parts- slid by 0.2%.
The major commodities that have become costlier are fruits & vegetables, masur, arhar, barley, gram and bajra (1% each) (all belongs to food articles group); logs & timber (36%), raw silk (13%) and groundnut seed (1%) (all from non-food articles group); phosphorite (48%), barytes (42%), steatite (4%) and fluorite (1%) (from minerals group), fluorescent tubes (12%) and gls lamps (4%) (from machinery & machine tools group), and the prices of transport equipment & parts.
In the depreciating products, which prices have gone down are: jowar (7%), tea (6%) and maize (3%) from ‘food article group’; raw rubber (2%) and linseed, raw cotton and rape & mustard seed (1% each) from ‘non-food articles group’; gypsum (31%) and fire clay (14%) from minerals group; light diesel oil (11%), furnace oil (9%), aviation turbine fuel (5%) and naphtha (4%) from ‘fuel, power, light & lubricants group’; oil cakes and imported edible oil (2% each) and gur, rice, bran oil and groundnut oil (1% each) from ‘manufactured food product group’, texturised yarn (7%) and hessian & sacking bags, polyster, staple fibre and hessian cloth (2% each) from ‘textile group,’ pvc pipes & tubings (2%) from ‘rubber and plastic products group’; benzene (34%), p.v.c. resins (15%) and purified terephthalic acid (pta) (11%) from ‘chemicals & chemical products group’; bright bars (7%), zinc ingots (3%) and lead ingots and bars & rods (2% each) from ‘basic metals alloys & metal products group’.
The WPI index also reported that annual rate of inflation based on final index for the week ended September 13 calculated on point to point basis, stood at 12.42% as compared to 12.14% (Provisional) reported earlier vide press note on September 26.
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