Speed Post News Network
New Delhi : The Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade, released index numbers of wholesale price in India for the month of December, 2020 (Provisional) and for the month of October, 2020 (Final) on January 14, 2021.
Provisional figures of Wholesale Price Index (WPI) are released on 14th of every month (or next working day) with a time lag of two weeks of the reference month and compiled with data received from institutional sources and selected manufacturing units across the country. After 10 weeks, the index is finalised and final figures are released and then frozen thereafter.
INFLATION : The rate of inflation, based on monthly WPI, stood at (1.22%) (provisional) for the month of December, 2020 (over December, 2019) as compared to (2.76%) during the corresponding month of the previous year, according to a PIB release.
PRIMARY ARTICLES (Weight 22.62%)
The index for this major group declined by (-3.11%) to 146.5 (provisional) in December, 2020 from 151.2 (provisional) for the month of November, 2020. Prices of Crude Petroleum & Natural Gas (5.47%), Minerals (5.36%) and Non-food Articles (0.36%) increased in December, 2020 as compared to November, 2020. Prices of Food Articles (-4.85%) declined in December, 2020 as compared to November, 2020.
FUEL & POWER (Weight 13.15%)
The index for this major group increased by (3.18%) to 94.2 (provisional) in December, 2020 from 91.3 (provisional) for the month of November, 2020. Prices of Mineral Oils (6.01%) and Coal (0.40%) increased in December, 2020 as compared to November, 2020. Prices of electricity remain unchanged.
MANUFACTURED PRODUCTS (Weight 64.23%)
The index for this major group increased by (1.40%) to 123.0 (provisional) in December, 2020 from 121.3 (provisional) for the month of November, 2020. Out of the 22 NIC two-digit groups for Manufactured products, 16 groups that have witnessed increase in prices are manufacture of furniture; other transport equipment; motor vehicles, trailers and semi-trailers; machinery and equipment; electrical equipment; computer, electronic and optical products; fabricated metal products, except machinery and equipment; basic metals; other non-metallic mineral products; rubber and plastics products; chemicals and chemical products; printing and reproduction of recorded media; paper and paper products; textiles; tobacco products; food products in December, 2020 as compared to November, 2020. Whereas 6 groups that have witnessed decrease in prices include pharmaceuticals, medicinal chemical and botanical products; wood and of products of wood and cork; leather and related products; wearing apparel; beverages in December, 2020 as compared to November, 2020.
WPI FOOD INDEX (Weight 24.38%)
The Food Index consisting of ‘Food Articles’ from Primary Articles group and ‘Food Product’ from Manufactured Products group have decreased from 158.9 in November, 2020 to 154.4 in December, 2020. The rate of inflation based on WPI Food Index decreased from (4.27%) in November, 2020 to (0.92%) in December, 2020.