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India's Wholesale Price Index (WPI) Records 0.52% YoY Decline in October

  • 16 Nov 2023

India's wholesale price index (WPI) marked its seventh consecutive month in negative territory, with a 0.52% decline in October compared to the same period last year. This follows a 0.26% decline in wholesale inflation in September.

Key Points

  • Decline in October: Fuel and power prices saw a 2.47% year-on-year decrease, a slight improvement from the 3.35% drop in September.
  • Increase in October: Primary article prices increased by 1.82%, in contrast to the 3.70% rise observed in the previous month.
  • Slight Dip in October: Food prices rose by 1.07% year-on-year, slightly down from the 1.54% increase in September.
  • October Decline: Manufactured product prices decreased by 1.13%, compared to a 1.34% fall in September.
  • These figures align with recent retail inflation data, revealing a four-month low in October, bringing it closer to the Reserve Bank of India's 4% target.
  • RBI Governor Shaktikanta Das expressed concerns about potential risks from volatile food prices, highlighting India's susceptibility to recurrent and overlapping food price shocks despite recent inflation moderation.