New Delhi, Dec 14 (Inditop.com) India’s annual rate of inflation, based on wholesale prices, rose sharply to 4.78 percent in November from 1.34 percent in the previous month, mainly on account of a 16.71 percent jump in prices of food articles.
The annual inflation rate was 8.48 percent during the like month last year.
Data on the official wholesale price index released Monday showed that over the past year, prices of potatoes year-on-year increased over 101 percent while onions and pulses have become dearer by 32.41 and 35.22 percent, respectively.
Similarly, vegetables have become costlier by 16.92 percent, rice by 12.95 percent, wheat by 12.66 percent, milk by 11.49 percent and fruits by 10.64 percent, showed the statistics released by the industry ministry.
During the 12-month period under review, the index for manufactured products was up 1.2 percent while that for fuels, the other major commodity group, declined marginally due to lower prices of light diesel oil (3 percent) and naphtha (2 percent)
As per a decision taken by the cabinet, the data on official wholesale price index is now released only on a monthly basis, with the practice of releasing weekly updates scrapped in a bid to curb “volatility” in the markets.
The Reserve Bank of India and the government have warned India’s annual inflation rate based on wholesale price index for all commodities will rise to 6-6.5 percent by March, while the Prime Minister’s Economic Advisory Council has pegged the rate at 6 percent.
