India's WPI Inflation Rate Rises to 3.36% in June 2024
Tags: Economy/Finance
India's WPI inflation rate rose to 3.36% in June 2024, according to data released by the Ministry of Commerce and Industry (MoCI).
An Overview of the News
This rate is provisional and represents an increase over June 2023.
The positive inflation rate is mainly due to rising prices in food articles, crude petroleum, natural gas, mineral oils, and other manufacturing sectors.
This marks the third consecutive month of significant sequential increases.
Consecutive Monthly Increases:
March 2024: 0.3%
April 2024: 1.2%
May 2024: 2.6%
June 2024: 3.36%
The WPI for June 2024 was compiled at a weighted response rate of 87.8%.
The WPI Food Index increased to 190.3 in June 2024, up from 185.7 in May 2024.
The annual rate of inflation (year-over-year) for the Food Index rose to 8.68% from 7.40%.
The month-over-month change in WPI for all commodities increased by 0.39% in June 2024 compared to May 2024.
Wholesale Price Index (WPI)
WPI tracks wholesale goods prices and reflects inflation.
India now uses the Consumer Price Index (CPI) for inflation measurement.
The U.S. reports the Producer Price Index (PPI) instead of WPI.
WPI affects stock and fixed price markets.
WPI is published by India’s Ministry of Commerce and Industry and focuses on prices in industry and manufacturing.
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