India’s Wholesale Price Index (WPI) for November 2023 reveals a slight annual inflation of 0.26%, compared to November 2022. This positive inflation trend is attributed to rising prices in categories such as food articles, minerals, machinery, computer, electronics, optical products, motor vehicles, and other manufacturing sectors.
The month-over-month change in the WPI index for November 2023 registered a 0.53% increase compared to October 2023.
In the major groups of WPI, the Primary Articles group, with a weight of 22.62%, experienced a 1.30% increase in its index, primarily due to a surge in Food Articles prices. However, Non-food Articles, Minerals, and Crude Petroleum & Natural Gas witnessed declines. The Fuel & Power group, representing 13.15%, saw a 0.78% increase in its index, driven by rising Electricity prices, while Mineral Oils experienced a decline.
The Manufactured Products group, with a significant weight of 64.23%, saw a minimal 0.07% increase in its index. Among the 22 NIC two-digit groups, some showed increased prices, such as other manufacturing, manufacture of food products, motor vehicles, and fabricated metal products. Meanwhile, some groups experienced a decrease, including manufacture of basic metals, electrical equipment, textiles, and rubber & plastic products.
The WPI Food Index, combining ‘Food Articles’ and ‘Food Product,’ rose from 179.6 in October 2023 to 183.1 in November 2023. The inflation rate based on the WPI Food Index increased from 1.07% to 4.69%.
The final WPI for ‘All Commodities’ for September 2023 stood at 151.8, with a marginal inflation rate of (-) 0.07%. The response rate for the WPI in November 2023 was 85.7%, and the final figure for September 2023 was based on a response rate of 94.6%. The provisional figures of WPI will undergo revision as per the final revision policy.
The Department for Promotion of Industry and Internal Trade (DPIIT) releases the wholesale price index on the 14th of every month, providing insights into wholesale price movements in India. The index is compiled with data received from institutional sources and selected manufacturing units across the country.
