Amid Lower Fuel And Food Prices, India’s Wholesale Price Inflation Falls To 1.31% In August

The wholesale price index in India has dropped to a four-month low of 1.31 per cent in August 2024. It decreased to the latest percentage from July’s 2.04 per cent. The major reasons for the noticeable low in India’s wholesale price inflation are fuel prices changing to negative and a decrease in manufactured food items’ prices. The recent wholesale inflation updates are making the headlines and here’s the important information you must know.

India’s Wholesale Price Inflation Dropped In August

The Food Index includes food articles from the primary articles group and food products from the manufactured products group, according to a report by The Economic Times. This index reported a reduction in August 2024. From 195.4 in July 2024, it decreased to 193.2 in August. The Food Index’s reduction became a primary reason behind the drop in the annual rate of inflation.

According to information provided by the Ministry of Commerce and Industry, the annual inflation rate based on the WPI Food Index dipped to 3.26 per cent in August 2024 from 3.55 per cent in July. In addition, the index for Primary Articles reduced from 197.6 in July to 194.9 in August. There has been a decrease of 1.37 per cent.

Prices of manufactured items, fuel, and power reported a decline, according to a report by Business Standard. Food articles that witnessed a change in prices are cereals, paddy, pulses, and onions. For these food articles, the inflation in wholesale prices changed to 8.44 per cent, 9.12 per cent, 18.57 per cent, and 65.75 per cent respectively in August.

Also read: India’s Ban On Food Export To Continue; A Pre-Emptive Measure Against Food Inflation

More About The Inflation

In comparison to August 2023, the wholesale vegetable prices decreased by 10.01 per cent in August this year. It was 48.44 per cent during the same period last year. Potatoes’ wholesale prices recorded a massive jump in the last month. The inflation in its costs rose to 77.96 per cent. It was 24.02 per cent in 2023.

From 10.39 per cent in August 2023, the prices for pulses surged by 18.57 per cent this time. In comparison to 12.88 per cent in August 2023, the inflation in fruit prices changed to 16.69 per cent in August this year.

Also read: Ministry Of Home Affairs To Open 16 New Food Stores In Manipur, Providing Commodities At Reasonable Prices

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