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Index Numbers of Wholesale Price (WPI) in India - Review for May 2018

June 14, 2018: The official Wholesale Price Index for ‘All Commodities’ (Base: 2011-12=100) for the month of May, 2018 rose by 0.9 percent to 117.9 (provisional) from 116.8 (provisional) for the previous month. (As released by the Office of Economic Adviser, Ministry of Commerce & Industry, New Delhi)

INFLATION

The annual rate of inflation, based on monthly WPI, stood at 4.43% (provisional) for the month of May, 2018 (over May, 2017) as compared to 3.18% (provisional) for the previous month and 2.26% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 1.38% compared to a build up rate of -0.27% in the corresponding period of the previous year.

Inflation for important commodities / commodity groups is indicated in Annex-1 and Annex-II.

The movement of the index for the various commodity groups is summarized below:-

PRIMARY ARTICLES (Weight 22.62%)

The index for this major group rose by 1.1 percent to 130.6 (provisional) from 129.2 (provisional) for the previous month. The groups and items which showed variations during the month are as follows:-

The index for ‘Food Articles’ group rose by 0.2 percent to 140.1 (provisional) from 139.8 (provisional) for the previous month due to higher price of fish-marine (8%), poultry chicken (4%), egg and peas/chawali (3% each), fish-inland (2%) and moong, bajra, barley, paddy, wheat and arhar (1% each). However, the price of betel leaves (6%), coffee (4%), tea (3%), gram, urad and fruits & vegetables (2% each) and ragi, jowar and pork (1% each) declined.

The index for ‘Minerals’ group rose by 13.7 percent to 138.3 (provisional) from 121.6 (provisional) for the previous month due to higher price of copper concentrate (33%), chromite (14%), manganese ore (11%), sillimanite (8%), phosphorite (6%), limestone and zinc concentrate (2% each) and lead concentrate (1%). However, the price of iron ore (1%) declined.

The index for ‘Crude Petroleum & Natural Gas’ group rose by 7.3 percent to 88.1 (provisional) from 82.1 (provisional) for the previous month due to higher price of crude petroleum (9%) and natural gas (3%).

FUEL & POWER (Weight 13.15%)

The index for this major group rose by 2.2 percent to 101.1 (provisional) from 98.9 (provisional) for the previous month. The groups and items which showed variations during the month are as follows:-

The index for ‘Coal’ group declined by 0.1 percent to 122.9 (provisional) from 123.0 (provisional) for the previous month due to lower price of lignite (2%).

The index for ‘Mineral Oils’ group rose by 4.1 percent to 93.6 (provisional) from 89.9 (provisional) for the previous month due to higher price of furnace oil and naphtha (10% each), ATF (7%), kerosene, petroleum coke and HSD (4% each) and petrol (3%). However, the price of bitumen and LPG (1% each) declined.

MANUFACTURED PRODUCTS (Weight 64.23%)

The index for this major group rose by 0.6 percent to 116.8 (provisional) from 116.1 (provisional) for the previous month. The groups and items which showed variations during the month are as follows:-

The index for ‘Manufacture of Food Products’ group declined by 0.3 percent to 127.2 (provisional) from 127.6 (provisional) for the previous month due to lower price of molasses (20%), sugar (4%), powder milk, gram powder (besan) and salt (3% each), spices (including mixed spices), manufacture of macaroni, noodles, couscous & similar farinaceous products and instant coffee (2% each) and castor oil, vanaspati, manufacture of starches & starch products, wheat bran, ghee, buffalo meat, fresh/frozen, manufacture of processed ready to eat food, manufacture of health supplements, rice[nonbasmati], bagasse and chicken/duck, dressed - fresh/frozen (1% each). However, the price of rice products (6%), copra oil (4%), rice bran oil and coffee powder with chicory (3% each), ice cream, honey and palm oil (2% each) and gur, sunflower oil, butter, processed tea, processing & preserving of fruit and vegetables, mustard oil, rapeseed oil and groundnut oil (1% each) moved up.

The index for ‘Manufacture of Beverages’ group rose by 0.3 percent to 119.5 (provisional) from 119.2 (provisional) for the previous month due to higher price of bottled mineral water (2%) and rectified spirit and aerated drinks/soft drinks (incl. soft drink concentrates) (1% each). However, the price of country liquor (2%) declined.

The index for ‘Manufacture of Tobacco Products’ group rose by 2.5 percent to 149.7 (provisional) from 146.0 (provisional) for the previous month due to higher price of other tobacco products (5%), cigarette (2%) and biri (1%).

The index for ‘Manufacture of Textiles’ group rose by 1.0 percent to 115.5 (provisional) from 114.4 (provisional) for the previous month due to higher price of texturised and twisted yarn (2%) and weaving & finishing of textiles, synthetic yarn, manufacture of knitted & crocheted fabrics, manufacture of made-up textile articles, except apparel, cotton yarn and woollen yarn (1% each). However, the price of manufacture of other textiles (3%) and viscose yarn (1%) declined.

The index for ‘Manufacture of Wearing Apparel’ group rose by 1.2 percent to 141.0 (provisional) from 139.3 (provisional) for the previous month due to higher price of manufacture of wearing apparel (woven), except fur apparel and manufacture of knitted & crocheted apparel (1% each).

The index for ‘Manufacture of Leather and Related Products’ group declined by 0.2 percent to 121.7 (provisional) from 122.0 (provisional) for the previous month due to lower price of leather shoe (2%) and vegetable tanned leather and harness, saddles & other related items (1% each). However, the price of chrome tanned leather and belt & other articles of leather (2% each) and canvas shoes and waterproof footwear (1% each) moved up.

The index for ‘Manufacture of Wood and of Products of Wood and Cork ‘ group rose by 1.3 percent to 133.3 (provisional) from 131.6 (provisional) for the previous month due to higher price of timber/wooden plank, sawn/resawn (4%), lamination wooden sheets/veneer sheets (3%), wooden block - compressed or not (2%) and wooden splint and wood cutting, processed/sized (1% each). However, the price of wooden panel (1%) declined.

The index for ‘Manufacture of Paper and Paper Products’ group rose by 0.2 percent to 121.0 (provisional) from 120.8 (provisional) for the previous month due to higher price of newsprint (2%) and laminated plastic sheet, paper carton/box, bristle paper board, paper for printing & writing, laminated paper, card board and map litho paper (1% each). However, the price of base paper (2%) and corrugated sheet box, pulp board, duplex paper, corrugated paper board and kraft paper (1% each) declined.

The index for ‘Printing and Reproduction of Recorded Media’ group rose by 1.2 percent to 146.6 (provisional) from 144.9 (provisional) for the previous month due to higher price of printed books and printed form & schedule (2% each) and newspaper and sticker plastic (1% each). However, the price of hologram (3d) and printed labels/posters/calendars (1% each) declined.

The index for ‘Manufacture of Chemicals and Chemical Products’ group rose by 0.8 percent to 117.3 (provisional) from 116.4 (provisional) for the previous month due to higher price of sulphuric acid (15%), camphor (10%), nitric acid (9%), poly propylene (PP) (7%), carbon black (6%), mono ethyl glycol and hydrogen peroxide (4% each), gelatine, agro chemical formulation and hair oil/body oil (3% each), other inorganic chemicals, organic chemicals, alkyl benzene, ammonium phosphate, dye stuff/dyes incl. dye intermediates & pigments/colours, fatty acid, xlpe compound, polyester chips or polyethylene terepthalate (pet) chips, mixed fertilizer, alcohols, additive, poly vinyl chloride (PVC) and printing ink (2% each) and liquid air & other gaseous products, rubber chemicals, organic solvent, ethylene oxide, aromatic chemicals, plasticizer, adhesive excluding gum, polyethylene, adhesive tape (non-medicinal), acrylic fibre, di ammonium phosphate, acetic acid and its derivatives, phthalic anhydride, polyester film(metalized), shampoo, foundry chemical, explosive, powder coating material and ethyl acetate (1% each). However, the price of creams & lotions for external application (8%), organic surface active agent, catalysts and varnish (all types) (4% each), toilet soap, amine and fungicide, liquid (3% each), paint, tooth paste/tooth powder, superphospate/phosphatic fertilizer, others and phosphoric acid (2% each) and mosquito coil, ammonium sulphate, sodium silicate, soda ash/washing soda, ammonia liquid, caustic soda (sodium hydroxide), nitrogenous fertilizer, others, insecticide & pesticide and safety matches (match box) (1% each) declined.

The index for ‘Manufacture of Pharmaceuticals, Medicinal Chemical and Botanical Products’ group rose by 1.0 percent to 121.6 (provisional) from 120.4 (provisional) for the previous month due to higher price of sulpha drugs (8%), antipyretic, analgesic, anti-inflammatory formulations (7%), anti-retroviral drugs for HIV treatment (5%), cotton wool (medicinal) (4%), antioxidants, antidiabetic drug excluding insulin (i.e. tolbutam) and antiseptics & disinfectants (3% each), api & formulations of vitamins (2%) and anti-malarial drugs, antibiotics & preparations thereof, ayurvedic medicaments and plastic capsules (1% each). However, the price of anti allergic drugs (9%) and medical accessories and anti cancer drugs (1% each) declined.

The index for ‘Manufacture of Rubber and Plastics Products’ group rose by 0.3 percent to 108.5 (provisional) from 108.2 (provisional) for the previous month due to higher price of plastic film (3%), plastic components and polypropylene film (2% each) and pvc fittings & other accessories, rubber tread, 2/3 wheeler rubber tube, rubber components & parts, rubber cloth/sheet, motor car tube, elastic webbing, rubber crumb, acrylic/plastic sheet, plastic tape, plastic bag and plastic bottle (1% each). However, the price of V belt (10%), conveyer belt (fibre based) (6%), processed rubber (3%), condoms and polyester film (non-metalized) (2% each) and plastic button, rubber moulded goods, motor car tyre, medium & heavy commercial vehicle tyre and rubberized dipped fabric (1% each) declined.

The index for ‘Manufacture of Other Non-Metallic Mineral Products’ group rose by 0.4 percent to 115.7 (provisional) from 115.2 (provisional) for the previous month due to higher price of porcelain sanitary ware, cement superfine, porcelain crockery and non ceramic tiles (3% each), marble slab (2%) and cement blocks (concrete), opthalmic lens, fibre glass incl. sheet, ordinary portland cement, granite, pozzolana cement, glass bottle, poles & posts of concrete and railway sleeper (1% each). However, the price of clinker and toughened glass (4% each), plain bricks (2%) and ordinary sheet glass, asbestos corrugated sheet and graphite rod (1% each) declined.

The index for ‘Manufacture of Basic Metals’ group rose by 1.9 percent to 112.2 (provisional) from 110.1 (provisional) for the previous month due to higher price of stainless steel pencil ingots/billets/slabs (10%), aluminium powder (5%), MS bright bars, sponge iron/direct reduced iron (DRI), aluminium shapes - bars/rods/flats, mild steel (MS) blooms, aluminium ingot, alloy steel castings and angles, channels, sections, steel (coated/not) (3% each), cold rolled (CR) coils & sheets, including narrow strip, pig iron, steel cables, brass metal/sheet/coils, aluminium alloys, steel forgings - rough, gp/gc sheet, alloy steel wire rods, alumnium foil, copper shapes - bars/rods/plates/strips and zinc metal/zinc blocks (2% each) and rails, hot rolled (HR) coils & sheets, including narrow strip, stainless steel coils, strips & sheets, copper metal/copper rings and aluminium metal (1% each). However, the price of ferrosilicon, aluminium disk & circles and ferrochrome (2% each) and ferromanganese, MS pencil ingots, silicomanganese and aluminium castings (1% each) declined.

The index for ‘Manufacture of Fabricated Metal Products, Except Machinery and Equipment’ group rose by 0.9 percent to 112.7 (provisional) from 111.7 (provisional) for the previous month due to higher price of sanitary fittings of iron & steel (10%), aluminium utensils (3%), forged steel rings and electrical stamping- laminated or otherwise (2% each) and bolts, screws, nuts & nails of iron & steel, bracket, steel pipes, tubes & poles, iron/steel cap, steel structures, hose pipes in set or otherwise, pressure cooker, stainless steel tank, steel drums & barrels, metal cutting tools & accessories, cylinders and steel container (1% each).

The index for ‘Manufacture of Electrical Equipment’ group rose by 0.5 percent to 111.3 (provisional) from 110.8 (provisional) for the previous month due to higher price of microwave oven (26%), fibre optic cables (9%), jelly filled cables (4%), washing machines/laundry machines and aluminium wire (3% each), multimeter, rotor/magneto rotor assembly, aluminium/alloy conductor, copper wire and electric switch gear control/starter (2% each) and electric wires & cables, pvc insulated cable, meter panel, insulating & flexible wire, insulator, connector/plug/socket/holder-electric and batteries (1% each). However, the price of transformer and solenoid valve (2% each), acsr conductors, safety fuse, domestic gas stove, cooling tower, flourescent tube and electric filament type lamps (1% each) declined.

The index for ‘Manufacture of Machinery and Equipment’ group declined by 0.5 percent to 109.9 (provisional) from 110.4 (provisional) for the previous month due to lower price of printing machinery and air gas compressor including compressor for refrigerator (6% each), pressure vessel & tank for fermentation & other food processing (5%), cranes (4%), packing machine and industrial valve (3% each), excavator, lathes and mining, quarrying & metallurgical machinery/parts (2% each) and open end spinning machinery, roller mill (raymond), air filters, agricultural tractors, pneumatic tools and centrifugal pumps (1% each). However, the price of chillers (3%), pharmaceutical machinery (3%), injection pump, moulding machine and grinding or polishing machine (2% each) and pump sets without motor, hydraulic pump, rice mill machinery, roller & ball bearings, harvesters, water pump, manufacture of bearings, gears, gearing & driving elements and chemical equipment & system (1% each) moved up.

The index for ‘Manufacture of Motor Vehicles, Trailers and Semi-Trailers’ group rose by 0.4 percent to 111.7 (provisional) from 111.2 (provisional) for the previous month due to higher price of brake pad/brake liner/brake block/brake rubber, others (7%), axles of motor vehicles (2%) and seat for motor vehicles, cylinder liners, wheels/wheels & parts, head lamp, passenger vehicles and body (for commercial motor vehicles) (1% each). However, the price of release valve (4%), crankshaft (2%) and radiators & coolers (1%) declined.

The index for ‘Manufacture of Other Transport Equipment’ group rose by 0.3 percent to 110.5 (provisional) from 110.2 (provisional) for the previous month due to higher price of bicycles of all types (1%).

The index for ‘Manufacture of Furniture’ group rose by 1.5 percent to 125.1 (provisional) from 123.3 (provisional) for the previous month due to higher price of foam and rubber mattress (11%) and steel shutter gate (1%). However, the price of hospital furniture and iron/steel furniture (1% each) declined.

The index for ‘Other Manufacturing’ group rose by 1.5 percent to 106.9 (provisional) from 105.3 (provisional) for the previous month due to higher price of silver, intraocular lens and playing cards (3% each), cricket ball and gold & gold ornaments (2% each) and cricket bat and plastic moulded-others toys (1% each). However, the price of non mechanical toys (3%), stringed musical instruments (incl. santoor, guitars, etc.) (2%) and sports goods of rubber (incl. balls) (1%) declined.

WPI FOOD INDEX (Weight 24.38%)

The rate of inflation based on WPI Food Index consisting of ‘Food Articles’ from Primary Articles group and ‘Food Product’ from Manufactured Products group increased from 0.67% in April, 2018 to 1.12% in May, 2018.

FINAL INDEX FOR THE MONTH OF MARCH, 2018 (BASE YEAR: 2011-12=100)

For the month of March, 2018, the final Wholesale Price Index for ‘All Commodities’ (Base: 2011-12=100) stood at 116.3 as compared to 116.0 (provisional) and annual rate of inflation based on final index stood at 2.74 percent as compared to 2.47 percent (provisional) respectively as reported on 16.04.2018.


Annexure-I
Wholesale Price Index and Rates of Inflation (Base Year: 2011-12=100)
Month of May, 2018
Index Numbers of Wholesale Price (WPI) in India - Review for May 2018

Annexure-II
Trend of Rate of Inflation for some important items during last six months
Index Numbers of Wholesale Price (WPI) in India - Review for May 2018

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