New Delhi, Dec 14: Wholesale inflation witnessed its most rapid surge in eight months, reaching 0.26 per cent in November, primarily propelled by a significant upswing in food prices. After seven consecutive months in negative territory, the WPI inflation stood at (-) 0.52 per cent in October.
“The positive inflation rate in November 2023 is mainly attributed to the increased prices of food articles, minerals, machinery & equipment, computer, electronics & optical products, motor vehicles, other transport equipment, and other manufacturing, etc.,” stated the Commerce and Industry Ministry.
Food inflation soared to 8.18 per cent in November, marking a substantial increase from 2.53 per cent in October. Recent official data revealed that retail or consumer price-based inflation experienced its swiftest ascent in three months, reaching 5.55 per cent in November, driven by a surge in food prices.
In its bi-monthly monetary policy last week, the Reserve Bank maintained steady interest rates and raised concerns about the potential risks associated with the escalating food inflation in November and December.
