The provisional annual inflation rate, as per the All India Wholesale Price Index (WPI), stands at (-) 0.52% for October 2023 compared to (-) 0.26% in September 2023, with the decline attributed to decreased prices in chemicals, chemical products, electricity, textiles, basic metals, food products, paper, and paper products, among others. The following presents the index numbers and inflation rates for all commodities and WPI components over the last three months:
The annual rate of inflation based on all India Wholesale Price Index (WPI) number is (-) 0.52% (Provisional) for the month of October, 2023 (over October, 2022) against (-) 0.26% recorded in September, 2023. The negative rate of inflation in October, 2023 is primarily due to fall in prices of chemicals and chemical products, electricity, textiles, basic metals, food products, paper and paper products, etc. as compared to the corresponding month of previous year. The index numbers and inflation rate for the last three months of all commodities and WPI components are given below:
|
Index Numbers and Annual Rate of Inflation (Y-o-Y in %)* |
|||||||
| All Commodities/Major Groups | Weight (%) | Aug-23 (F) | Sep-23 (P) | Oct-23 (P) | |||
| Index | Inflation | Index | Inflation | Index | Inflation | ||
| All Commodities | 100.0 | 152.5 | -0.46 | 151.5 | -0.26 | 152.1 | -0.52 |
| I. Primary Articles | 22.62 | 190.3 | 6.73 | 182.4 | 3.70 | 184.5 | 1.82 |
| II. Fuel & Power | 13.15 | 149.1 | -6.34 | 153.1 | -3.35 | 154.1 | -2.47 |
| III. Manufactured Products | 64.23 | 139.9 | -2.30 | 140.3 | -1.34 | 140.3 | -1.13 |
| Food Index | 24.38 | 187.1 | 6.19 | 177.8 | 1.54 | 179.6 | 1.07 |
Note: P: Provisional, *Annual rate of WPI inflation calculated over the corresponding month of previous year
2. The month-over-month change in WPI index for the month of October, 2023 stood at 0.40% as compared to September, 2023. The monthly change in WPI index for last six-month is summarized below:
| Month Over Month (M-o-M in %) change in WPI Index# | |||||||
| All Commodities/Major Groups | Weight | May-23 | Jun-23 | Jul-23 | Aug-23 (F) | Sep-23 (P) | Oct-23 (P) |
| All Commodities | 100.0 | -1.13 | -0.33 | 2.15 | 0.26 | -0.66 | 0.40 |
| I. Primary Articles | 22.62 | -1.52 | 0.57 | 8.86 | -0.73 | -4.15 | 1.15 |
| II. Fuel & Power | 13.15 | -2.69 | -1.62 | -0.55 | 2.54 | 2.68 | 0.65 |
| III. Manufactured Products | 64.23 | -0.57 | -0.50 | -0.29 | 0.29 | 0.29 | 0.00 |
| Food Index | 24.38 | -0.63 | 1.27 | 7.77 | -0.85 | -4.97 | 1.01 |
Note: P: Provisional, #Monthly rate of change, based on month over month (M-o-M) WPI calculated over the preceding month
3. Month-over-Month Change in Major Groups of WPI:
a. Primary Articles (Weight 22.62%):- The index for this major group increased by 1.15% to 184.5 (provisional) in October, 2023 from 182.4 (provisional) for the month of September, 2023. Prices of Minerals (7.81%) and Food Articles (1.33%) increased in October, 2023 as compared to September, 2023. Prices of Crude Petroleum & Natural Gas (- 0.60%) and Non-food Articles (- 0.24%) declined in October, 2023 as compared to September, 2023.
b. Fuel & Power (Weight 13.15%):- The index for this major group increased by 0.65% to 154.1 (provisional) in October, 2023 from 153.1 (provisional) in the month of September, 2023. Prices of Mineral Oils (1.28%) increased in October, 2023 as compared to September, 2023. Prices of Electricity (-0.73%) declined in October, 2023 as compared to September, 2023.
c. Manufactured Products (Weight 64.23%):- The index for this major group remained constant at 140.3 (provisional) in October, 2023 and September, 2023. Out of the 22 NIC two-digit groups for manufactured products, 13 groups witnessed an increase in prices, 7 groups witnessed a decrease in prices whereas 2 groups remained unchanged. Some of the important groups that showed month-over-month increase in prices are manufacture of food products; chemicals and chemical products; motor vehicles trailers & semi-trailers; textiles; other non-metallic mineral products, etc. Some of the groups that witnessed a decrease in prices are manufacture of basic metals; fabricated metal products, except machinery & equipment; rubber & plastic products; other transport equipment, etc. in October, 2023 as compared to September, 2023.
4. WPI Food Index (Weight 24.38%): The Food Index consisting of ‘Food Articles’ from Primary Articles group and ‘Food Product’ from Manufactured Products group has increased from 177.8 in September, 2023 to 179.6 in October 2023. The annual rate of inflation based on WPI Food Index stood at 1.07 % in October 2023 as compared to 1.54 % in September 2023.
5. Final Index for the month of August, 2023 (Base Year: 2011-12=100): For the month of August, 2023 the final Wholesale Price Index and inflation rate for ‘All Commodities’ stood at 152.5 and -0.46% respectively. The details of all India Wholesale Price Indices and Rates of Inflation for different commodity groups based on updated figures are at Annex I. The Annual rate of Inflation (Y-o-Y) based on WPI for different commodity groups in the last six months are at Annex II. WPI for different commodity groups in the last six months is at Annex III.
6. Response Rate: The WPI for October, 2023 has been compiled at a weighted response rate of 85.9 per cent, while the final figure for August, 2023 is based on the weighted response rate of 94.0 percent. The provisional figures of WPI will undergo revision as per the final revision policy of WPI. This press release, item indices, and inflation numbers are available at our home page http://eaindustry.nic.in .
7. Next date of Press Release: WPI for the month of November, 2023 would be released on 14/12/2023.
For Annexures please click on the link : https://pib.gov.in/PressReleasePage.aspx?PRID=1976810
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