India's wholesale inflation eased only slightly to 9.78% in July, with core manufactured-product price pressures reaching a series high.
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India's wholesale inflation eased only slightly to 9.78% in July, with core manufactured-product price pressures reaching a series high.
India's wholesale inflation, as measured by the Wholesale Price Index (WPI), slid to 9.78% in July from 9.87% in June, the government reported on Friday. It was the first month-on-month fall in wholesale inflation under the WPI series with the new 2022-23 base year.
Economists stressed that the dip was marginal. Prachi Kele, Lead Economist at PL Capital, said wholesale inflation remains "uncomfortably high" at 9.8%, and warned that sustained energy and input-cost pressures could gradually feed through to consumer prices even though WPI does not translate directly into retail inflation.
Fuel and power inflation fell to 20.05% in July from 27.41% in June. Manufactured products, however, accelerated to 8.29% from 7.48%.
Primary articles inflation rose to 8.52% from 7% a month earlier. The commerce and industry ministry attributed the overall pressure mainly to mineral oils, food articles, basic metals, non-food articles, food products, and chemicals.
Wholesale inflation has climbed through the current fiscal year. The West Asia war and the blockade of the Strait of Hormuz, through which the majority of India's crude oil imports pass, have pushed up global crude and fertilizer costs, with spillovers to food prices.
The Food Index, combining food articles and manufactured food products, rose 6.65% in July, up from 6.14% in June. Core WPI inflation, stripping out food and fuel, hardened to a series high of 8.2% from 7.5% in June, according to Rahul Agrawal, Principal Economist at ICRA Ltd, with increases across 16 of 21 subcomponents.
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