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ANALYSIS

Wholesale Price Index for all commodities for April 2018 rises by 0.7%
Tuesday, 15 May, 2018, 08 : 00 AM [IST]
Our Bureau, New Delhi
The official Wholesale Price Index (WPI) for all commodities (Base: 2011-12=100) for the month of April 2018 rose by 0.7 per cent to 116.8 (provisional) from 116 (provisional) for the previous month.

Inflation
The annual rate of inflation, based on monthly WPI, stood at 3.18 per cent (provisional) for the month of April 2018 (over April 2017) as compared to 2.47 per cent (provisional) for the previous month and 3.85 per cent during the corresponding month of the previous year.

Build-up inflation rate in the financial year so far was 0.69 per cent compared to a build up rate of 0.00 per cent in the corresponding period of the previous year.

Inflation for important commodities/commodity groups is indicated in Annex-I and Annex-II.

The movement of the index for the various commodity groups is summarised as follows:

Primary articles (Weight 22.62 per cent)
The index for this major group rose by 1.4 per cent to 129.2 (provisional) from 127.4 (provisional) for the previous month.

The groups and items which showed variations during the month are as follows:-

The index for the food articles group rose by 1.9 per cent to 139.8 (provisional) from 137.2 (provisional) for the previous month due to higher price of tea (18 per cent), peas/chawali (13 per cent), fruits and vegetables (eight per cent), fish-marine (four per cent) and pork, paddy and maize (one per cent each).

However, the price of egg (four per cent), ragi and gram (three per cent each), moong, betel leaves and poultry chicken (two per cent each) and urad, barley, beef and buffalo meat, rajma, arhar, fish-inland and condiments and spices (one per cent each) declined.

The index for the non-food articles group declined by 0.9 per cent to 119.1 (provisional) from 120.2 (provisional) for the previous month due to lower price of raw silk (nine per cent), floriculture (seven per cent), niger seed (six per cent), gaur seed (five per cent), groundnut seed and linseed (four per cent each), raw rubber (three per cent), cotton seed, castor seed and gingelly seed (two per cent each) and hides (raw), safflower (kardi seed) and raw cotton (one per cent each).

However, the price of copra (coconut) and sunflower (three per cent each) and coir fibre, raw wool, soybean, skins (raw), fodder and rape and mustard seed (one per cent each) moved up.

Manufactured products (Weight 64.23 per cent)
The index for this major group rose by 0.3 per cent to 116.1 (provisional) from 115.7 (provisional) for the previous month.

The groups and items which showed variations during the month are as follows:

The index for the manufacture of food products group declined by 0.1 per cent to 127.6 (provisional) from 127.7 (provisional) for the previous month due to lower price of molasses (18 per cent), sugar (six per cent), honey (five per cent), gram powder (besan) and coffee powder with chicory (three per cent each), manufacture of cocoa, chocolate and sugar confectionery, instant coffee and castor oil (two per cent each) and sooji (rawa), gur, manufacture of starches and starch products, manufacture of health supplements,  manufacture of bakery products, groundnut oil, butter, powder milk, bagasse, manufacture of processed ready-to-eat food, maida, wheat flour (atta) and sunflower oil (one per cent each).

However, the price of processed tea (eight per cent), rice products and  processing and preserving of fish, crustaceans, molluscs and products thereof (four per cent each), palm oil (three per cent), rice bran oil, cotton seed oil and soybean oil (two per cent each) and basmati rice, buffalo meat, fresh/frozen, processing and preserving of fruit and vegetables, vanaspati, copra oil and salt (one per cent each) moved up.

The index for the manufacture of beverages group declined by 0.5 per cent to 119.2 (provisional) from 119.8 (provisional) for the previous month due to lower price of spirits (two per cent) and beer (one per cent). However, the price of bottled mineral water (one per cent) moved up.

WPI Food Index (Weight 24.38 per cent)
The rate of inflation based on the WPI Food Index, consisting of food articles from the primary articles group and food products from the manufactured products group, increased from (-) 0.07 per cent in March 2018 to 0.67 per cent in April 2018.

Final index for the month of February 2018 (Base year: 2011-12=100)  
For the month of February 2018, the final Wholesale Price Index for all commodities (Base: 2011-12=100) stood at 116.1 as compared to 115.8 (provisional) and the annual rate of inflation based on final index stood at 2.74 per cent as compared to 2.48 per cent (provisional), respectively, as reported on March 14, 2018.

Jump in WPI inflation worrying: PHD Chamber
“The sudden jump in WPI inflation to 3.18 per cent in the month of April 2018 from 2.47 per cent in March 2018 is worrying,” said Anil Khaitan, president, PHD Chamber of Commerce and Industry, in a press statement issued here recently.

“The rise in the prices of fruits and vegetables, fuel and power vis-à-vis the increase in international crude oil prices have stoked the overall WPI inflation,” he added.

The prices of fruits have increased to 19.47 per cent in April 2018 from 9.26 per cent in March 2018, while those of vegetables have increased to (-)0.89 per cent in April 2018 from (-)2.70 per cent in March 2018.
The prices of fuel and power, on the other hand, have increased to 7.85 per cent in April 2018 from 4.7 per cent in March 2018 due to the increase in international crude oil prices to the tune of 13 per cent.
“We hope that prices should not escalate further as prediction for the good monsoon is intact, and stability is expected in the international crude oil process going forward,” Khaitan said.

“Further reforms in the agriculture sector and supply chain would provide a great stability in the inflation scenario in the coming times,” he added.
Annexure-I

Wholesale Price Index and rates of inflation (Base Year: 2011-12=100)






Month of April 2018


Commodities/major groups/groups/sub-groups

Weight

WPI

April 2018

Latest month-over-month

Build up from March

Year-on-year

2016-17

2017-18

2016-17

2017-18

2016-17

2017-18

All commodities

100.00

116.8

0.00

0.69

0.00

0.69

3.85

3.18

Primary articles

22.62

129.2

0.24

1.41

0.24

1.41

1.03

1.41

Food articles

15.26

139.8

0.73

1.90

0.73

1.90

0.58

0.87

Cereals

2.82

144.8

-0.48

0.28

-0.48

0.28

6.88

0.21

Paddy

1.43

153.3

-0.07

0.72

-0.07

0.72

8.29

3.86

Wheat

1.03

140.9

-1.33

-0.21

-1.33

-0.21

6.09

-0.07

Pulses

0.64

120.8

1.17

-1.23

1.17

-1.23

-13.64

-22.46

Vegetables

1.87

122.9

4.73

6.68

4.73

6.68

-8.01

-0.89

Potato

0.28

167.1

9.22

28.05

9.22

28.05

-40.67

67.94

Onion

0.16

122.6

-2.44

-22.06

-2.44

-22.06

-12.63

13.62

Fruits

1.60

165.7

-0.43

8.87

-0.43

8.87

0.00

19.47

Milk

4.44

141.2

0.88

0.36

0.88

0.36

4.40

2.54

Eggs, meat and fish

2.40

132.5

0.75

-0.45

0.75

-0.45

-0.81

-2.00

Non-food articles

4.12

119.1

-0.49

-0.92

-0.49

-0.92

-0.08

-1.81

Manufactured products

64.23

116.1

0.27

0.35

0.27

0.35

3.11

3.11

Manufacture of food products

9.12

127.6

-0.08

-0.08

-0.08

-0.08

6.00

0.31

Manufacture of vegetable and animal oils and fats

2.64

118.8

-1.11

1.71

-1.11

1.71

3.98

10.82

Sugar

1.06

109.6

-0.69

-6.32

-0.69

-6.32

12.87

-15.56



Annexure-II















Trend of rate of inflation for some important items during last six months















Commodities/major groups/groups/sub-groups

Weight (%)

Rate of inflation for the last six months




April 2018

March 2018

February 2018

January 2018

December 2017

November 2017




All commodities

100.00

3.18

2.47

2.74

3.02

3.58

4.02




Primary articles

22.62

1.41

0.24

0.79

2.53

3.86

5.59




Food articles

15.26

0.87

-0.29

0.95

3.15

4.72

6.41




Cereals

2.82

0.21

-0.55

-2.38

-1.98

-3.00

-2.13




Paddy

1.43

3.86

3.05

3.42

4.59

3.19

2.90




Wheat

1.03

-0.07

-1.19

-6.23

-6.94

-8.47

-5.75




Pulses

0.64

-22.46

-20.58

-24.51

-30.43

-35.19

-35.52




Vegetables

1.87

-0.89

-2.70

15.26

40.77

56.38

59.87




Potato

0.28

67.94

43.25

11.67

8.68

-8.40

-40.73




Onion

0.16

13.62

42.22

118.95

193.89

197.05

178.19




Fruits

1.60

19.47

9.26

7.39

9.87

11.99

6.48




Milk

4.44

2.54

3.08

3.84

3.93

3.85

4.08




Eggs, meat and fish

2.40

-2.00

-0.82

-0.22

0.37

1.67

4.73




Non-food articles

4.12

-1.81

-1.39

-2.58

-1.31

-0.17

-0.51




Manufactured products

64.23

3.11

3.03

3.31

2.96

2.79

2.70




Manufacture of food products

9.12

0.31

0.31

-1.09

-0.94

-0.23

0.63




Manufacture of vegetable and animal oils and fats

2.64

10.82

7.75

3.18

1.35

1.27

2.31




Sugar

1.06

-15.56

-10.48

-9.82

-5.78

0.73

4.17




 
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