New Delhi, July 15 (FN Bureau) India’s Wholesale Price inflation (WPI) for the month of June 2024 has accelerated to 3.6 per cent compared to 2.61 per cent in the previous month, primarily due to increase in prices of food articles, manufacture of food products and others, according to data released by the government on Monday. The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 3.36 per cent (Provisional) for the month of June, 2024 (over June, 2023). Positive rate of inflation in June, 2024 is primarily due to increase in prices of food articles, manufacture of food products, crude petroleum and natural gas, mineral oils, other manufacturing etc,” Ministry of Commerce and Industry said in a statement. WPI Food Index (Weight 24.38 per cent), consisting of ‘food articles’ from Primary Articles group and ‘food product’ from the Manufactured Products group increased from 185.7 in May, 2024 to 190.3 in June, 2024.
The annual rate of inflation (y-o-y) based on WPI Food Index increased from 7.40 per cent in May, 2024 to 8.68 per cent in June, 2024. The WPI Food Index has been rising consistently for the last three months from April onward. Primary Articles (Weight 22.62%) index for this major group increased by 2.08 per cent to 191.6 (provisional) in June, 2024 from 187.7 (provisional) for the month of May, 2024. Prices of food articles (2.96 per cent) and minerals (1.47 per cent) increased in June, 2024 as compared to May, 2024, the ministry said adding that prices of non-food articles (-0.32 per cent) and crude petroleum & natural gas (-0.57 per cent) declined in June, 2024 as compared to May, 2024.
The index for Manufactured Products with Weight 64.23 per cent increased by 0.14 per cent to 141.9 (provisional) in June, 2024 from 141.7 (provisional) for the month of May, 2024. Out of the 22 NIC two-digit groups for manufactured products, 8 groups witnessed an increase in prices, 10 groups witnessed a decrease in prices and 4 groups witnessed no change in prices. Some of the important groups that showed month-over-month increase in prices are food products; chemicals & chemical products; textiles; rubber & plastics products; motor vehicles, trailers & semi-trailers, etc. Some of the groups that witnessed a decrease in prices are basic metals; other non-metallic mineral products; fabricated metal products, except machinery & equipment; pharmaceuticals, medicinal chemical & botanical products; machinery & equipment, etc.in June, 2024 as compared to May, 2024. The index for Fuel & Power (Weight 13.15 per cent) registered a declined by 1.93 per cent to 147.7 (provisional) in June, 2024 from 150.6 (provisional) for the month of May, 2024. Prices of electricity (-1.67 per cent) and mineral oils (-2.38 per cent) declined in June, 2024 as compared to May, 2024.