The annual rate of inflation based on the all-India Wholesale Price Index (WPI) increased to 1.84% (provisional) in September 2024, compared to September 2023. This positive inflation rate is largely attributed to rising prices of food articles, food products, and other manufactured goods such as motor vehicles, machinery, and equipment.
The WPI for primary articles rose by 0.41%, reaching 195.7 in September 2024, up from 194.9 in August. Notable price increases were observed in minerals (1.83%), non-food articles (1.31%), and food articles (0.86%) during the same period. However, the prices of crude petroleum and natural gas dropped by 5.74% in September compared to August 2024.
The index for fuel & power group declined by 0.81% to 146.9 (provisional) in September, 2024 from 148.1(provisional) for the month of August, 2024. Price of electricity (1.34%) increased and price of mineral oils (-1.72%) decreased in September, 2024 as compared to August, 2024. The index for coal remained constant at 135.6 (provisional) in September, 2024 as compared to August, 2024.
The index for manufactured products increased by 0.14% to 141.8 (provisional) in September, 2024 from 141.6(provisional) for the month of August, 2024. Out of the 22 NIC two-digit groups for manufactured products, 10 groups witnessed an increase in prices, 9 groups witnessed a decrease in prices and 3 groups witnessed no change in prices. Some of the important groups that showed month-over-month increase in prices are manufacture of food products; other manufacturing; other non-metallic mineral products; computer, electronic and optical products; wearing apparel etc.
The Food Index, which includes food articles from primary articles and food products from manufactured goods, climbed from 193.2 in August 2024 to 195.3 in September 2024. The annual rate of inflation based on the WPI Food Index surged to 9.47% in September, up from 3.26% in the previous month, indicating a sharp rise in food prices.
