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Wholesale inflation soars to 23-month high of 3.55% in July
Wholesale price index-based inflation accelerated for the fourth straight month in July hitting 3.55 percent on costlier food and manufactured items.
Zee Media Bureau
New Delhi: Wholesale price index-based inflation accelerated for the fourth straight month in July hitting 3.55 percent on costlier food and manufactured items.
The hardening of the WPI index follows an uptick in retail inflation, announced on last Friday, which hit nearly 2 year high of 6.07 percent in July, well above the RBI's comfortable level, on surge in prices of food items as demand for sugar, oil & fats and spices rose ahead of the festival season.
Also, the annual rate of wholesale inflation is way higher than 1.62 percent in June and (-) 4 percent in July 2015.
Government has put inflation targeting at 4 percent with a range of plus/minus 2 percent for next five years under the new monetary policy framework agreement with the Reserve Bank.