The November wholesale inflation (WPI) surged to 3.93% from 3.59% in October on the back of higher food and vegetable prices. The food inflation for the month of November was recorded at 4.10% as compared to 3.23% in October. Annual wholesale price inflation last month increased to 3.93 percent from a year earlier, from a provisional 3.59 percent rise in October.
The rise compares with a 3.78 percent increase forecast by economists in a Reuters poll. Wholesale food prices in November rose 4.10 percent year-on-year, compared with a 3.23 percent rise a month earlier, the data showed
November’s heavy rains “created lots of damage” for perishable fruit and vegetable crops, said Rupa Rege Nitsure, group chief economist at Larsen & Toubro recently. “We have seen that translated into price rises for onions, tomatoes and other perishable commodities”.
Meanwhile, the Retail Inflation for November has surged to a 15-month high at 4.88%, breaching the 4% target set by the Reserve Bank of India, from 3.58% in the previous month, government data showed on Tuesday. Meanwhile, the Industrial production growth slowed to 2.2% in October as compared to 4.2% a year ago.