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

The official Wholesale Price Index for ‘All Commodities’ (Base: 2011-12=100) for the month of September, 2018 rose by 0.7 percent to 120.8 (provisional) from 120.0 (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 5.13% (provisional) for the month of September, 2018 (over September, 2017) as compared to 4.53% (provisional) for the previous month and 3.14% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 3.87% compared to a build up rate of 1.50% 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 0.2 percent to 135.4 (provisional) from 135.1 (provisional) for the previous month. The groups and items which showed variations during the month are as follows:-

The index for ‘Food Articles’ group declined by 0.2 percent to 144.5 (provisional) from 144.8 (provisional) for the previous month due to lower price of fish-marine (12%), egg and urad (3% each), gram and ragi (2% each) and fruits & vegetables and peas/chawali (1% each). However, the price of betel leaves (18%), tea and pork (4% each), beef & buffalo meat and bajra (3% each), fish-inland, condiments & spices, maize and poultry chicken (2% each) and arhar, barley, mutton, wheat, masur and moong (1% each) moved up.

The index for ‘Non-Food Articles’ group declined by 0.2 percent to 124.8 (provisional) from 125.0 (provisional) for the previous month due to lower price of skins (raw) (5%), hides (raw) and industrial wood (4% each), copra (coconut) and soyabean (3% each), mesta and guar seed (2% each) and raw rubber, raw cotton, groundnut seed and coir fibre (1% each). However, the price of floriculture (18%), niger seed (7%), gingelly seed (6%), raw jute and sunflower (5% each), tobacco (3%), safflower (kardi seed) (2%) and rape & mustard seed, raw wool, raw silk, cotton seed, linseed and fodder (1% each) moved up.

The index for ‘Minerals’ group rose by 9.7 percent to 135.2 (provisional) from 123.2 (provisional) for the previous month due to higher price of garnet (60%), copper concentrate (26%), sillimanite (23%), iron ore (4%) and manganese ore and chromite (3% each). However, the price of zinc concentrate and lead concentrate (1% each) declined.

The index for 'Crude Petroleum & Natural Gas' group rose by 1.1 percent to 95.9 (provisional) from 94.9 (provisional) for the previous month due to higher price of natural gas (4%).

FUEL & POWER (Weight 13.15%)

The index for this major group rose by 2.2 percent to 107.2 (provisional) from 104.9 (provisional) for the previous month. The groups and items which showed variations during the month are as follows:-

The index for ‘Coal’ group rose by 0.2 percent to 123.2 (provisional) from 123.0 (provisional) for the previous month due to higher price of coking coal (1%).

The index for ‘Mineral Oils’ group rose by 3.7 percent to 101.9 (provisional) from 98.3 (provisional) for the previous month due to higher price of lube oils (11%), naphtha (5%), HSD and petrol (4% each), LPG (3%), furnace oil, bitumen and kerosene (2% each) and ATF (1%). However, the price of petroleum coke (2%) declined.

MANUFACTURED PRODUCTS (Weight 64.23%)

The index for this major group rose by 0.6 percent to 118.5 (provisional) from 117.8 (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 rose by 0.3 percent to 129.4 (provisional) from 129.0 (provisional) for the previous month due to higher price of processing & preserving of fish, crustaceans & molluscs & products thereof (10%), basmati rice (6%), coffee powder with chicory (4%), maida and sooji (rawa ) (3% each), wheat flour (atta) and sunflower oil (2% each) and gur, manufacture of macaroni, noodles, couscous & similar farinaceous products, ice cream, other meats, preserved/processed, manufacture of prepared animal feeds, chicken/duck [dressed-fresh/frozen], rice bran oil, castor oil, manufacture of starches & starch products, rice [non-basmati], wheat bran and groundnut oil (1% each). However, the price of instant coffee (4%), honey and molasses (3% each), processed tea, processing & preserving of fruit & vegetables, vanaspati, sugar and copra oil (2% each) and condensed milk, gram powder (besan) and bagasse (1% each) declined.

The index for ‘Manufacture of Beverages’ group rose by 0.3 percent to 120.4 (provisional) from 120.0 (provisional) for the previous month due to higher price of rectified spirit and country liquor (2% each), spirits (1%). However, the price of bottled mineral water (2%) declined.

The index for ‘Manufacture of Tobacco Products’ group declined by 0.3 percent to 149.6 (provisional) from 150.1 (provisional) for the previous month due to lower price of other tobacco products (1%).

The index for ‘Manufacture of Textiles’ group rose by 1.1 percent to 118.9 (provisional) from 117.6 (provisional) for the previous month due to higher price of synthetic yarn and woollen yarn (4% each), texturised & twisted yarn, manufacture of other textiles and manufacture of made-up textile articles, except apparel (2% each) and viscose yarn, manufacture of cordage, rope, twine & netting and cotton yarn (1% each). However, the price of manufacture of knitted & crocheted fabrics (1%) declined.

The index for ‘Manufacture of Wearing Apparel’ group declined by 0.4 percent to 138.6 (provisional) from 139.1 (provisional) for the previous month due to lower price of manufacture of knitted & crocheted apparel (1%).

The index for ‘Manufacture of Leather and Related Products’ group rose by 0.4 percent to 123.0 (provisional) from 122.5 (provisional) for the previous month due to higher price of leather shoe (2%) and harness, saddles & other related items, waterproof footwear and belt & other articles of leather (1% each). However, the price of vegetable tanned leather (9%) and chrome tanned leather, gloves of leather and plastic/pvc chappals (1% each) declined.

The index for ‘Manufacture of Wood and of Products of Wood and Cork ‘ group rose by 0.7 percent to 133.7 (provisional) from 132.8 (provisional) for the previous month due to higher price of lamination wooden sheets/veneer sheets and wooden block-compressed or not (2% each) and particle boards, wood cutting [processed/sized] and plywood block boards (1% each). However, the price of wooden box/crate (2%) declined.

The index for ‘Manufacture of Paper and Paper Products’ group rose by 0.4 percent to 123.1 (provisional) from 122.6 (provisional) for the previous month due to higher price of tissue paper (6%), map litho paper (4%), newsprint, base paper and corrugated paper board (2% each) and poster paper, laminated plastic sheet, kraft paper and paper for printing & writing (1% each). However, the price of paper bag including craft paper bag (5%), corrugated sheet box (2%) and laminated paper (1%) declined.

The index for ‘Printing and Reproduction of Recorded Media ‘ group rose by 0.3 percent to 148.4 (provisional) from 147.9 (provisional) for the previous month due to higher price of printed form & schedule and journal/periodical (3% each), sticker plastic (2%) and newspaper (1%). However, the price of hologram (3d) (3%) and printed books (1%) declined.

The index for ‘Manufacture of Chemicals and Chemical Products’ group rose by 0.6 percent to 119.3 (provisional) from 118.6 (provisional) for the previous month due to higher price of mono ethyl glycol and ethyl acetate (8% each), organic surface active agent and polyester film(metalized) (6% each), menthol and varnish (all types) (5% each), acetic acid & its derivatives, rubber chemicals and polyester fibre fabric (4% each), ammonium sulphate, xlpe compound, nitrogenous fertilizer, others, carbon black, phosphoric acid and amine (3% each), liquid air & other gaseous products, camphor, ammonia gas, ammonium phosphate, di ammonium phosphate and plasticizer (2% each) and polyester chips or polyethylene terepthalate (pet) chips, phthalic anhydride, polyethylene, aromatic chemicals, caustic soda (sodium hydroxide), ethylene oxide, other petrochemical intermediates, perfume/scent, superphospate/phosphatic fertilizer, others, catalysts, alcohols, organic solvent, hair oil/body oil, alkyl benzene, soda ash/washing soda, paint, sulphuric acid, viscose staple fibre, organic chemicals and other inorganic chemicals (1% each). However, the price of gelatine (4%), hydrogen peroxide (3%) and agarbatti, nitric acid, acrylic fibre, toilet soap, agro chemical formulation, fungicide [liquid], printing ink, insecticide & pesticide, aniline (including pna, ona, ocpna), dye stuff/dyes incl. dye intermediates & pigments/colours and polystyrene [expandable] (1% each) declined.

The index for ‘Manufacture of Pharmaceuticals, Medicinal Chemical and Botanical Products’ group declined by 0.2 percent to 123.2 (provisional) from 123.5 (provisional) for the previous month due to lower price of antidiabetic drug excluding insulin (i.e. tolbutam) (7%), antipyretic, analgesic, anti-inflammatory formulations (3%), anti-retroviral drugs for HIV treatment, api & formulations of vitamins and anti allergic drugs (1% each). However, the price of antibiotics & preparations thereof (4%), sulpha drugs (3%), plastic capsules (2%) and cotton wool (medicinal), ayurvedic medicaments and anti cancer drugs (1% each) moved up.

The index for ‘Manufacture of Rubber and Plastics Products’ group rose by 0.4 percent to 109.6 (provisional) from 109.2 (provisional) for the previous month due to higher price of polyester film (non-metalized) (7%), rubber cloth/sheet (6%), plastic tube (flexible/non-flexible) (4%), plastic components and processed rubber (3% each), rubber tubes-not for tyres, tractor tyre, elastic webbing and rubber crumb (2% each) and thermocol, plastic bag, acrylic/plastic sheet, polypropylene film, rubber tread, rubberized dipped fabric, plastic film, tooth brush, 2/3 wheeler tyre and polythene film (1% each). However, the price of condoms and plastic button (4% each), motor car tube (3%), rubber components & parts, plastic box/container and plastic furniture (2% each) and conveyer belt (fibre based), plastic tank and solid rubber tyres/wheels (1% each) declined.

The index for ‘Manufacture of Other Non-Metallic Mineral Products’ remained unchanged at 115.9 (provisional). Rise in price was recorded for porcelain sanitary ware (7%), poles & posts of concrete (6%), white cement and graphite rod, granite (2% each) and marble slab, railway sleeper and cement blocks (concrete) (1% each). While a decline in price was recorded for ordinary sheet glass and cement superfine (3% each), porcelain crockery, ceramic tiles (vitrified tiles) and slag cement (2% each) and glass bottle and stone [chip] (1% each).

The index for ‘Manufacture of Basic Metals’ group rose by 2.0 percent to 113.8 (provisional) from 111.6 (provisional) for the previous month due to higher price of aluminium alloys and sponge iron/direct reduced iron (DRI) (8% each), angles, channels, sections, steel (coated/not) (5%), MS bright bars, alloy steel wire rods and MS pencil ingots (4% each), pig iron, cold rolled (CR) coils & sheets, including narrow strip, MS wire rods, mild steel (MS) blooms and aluminium ingot (3% each), aluminium castings, gp/gc sheet, hot rolled (HR) coils & sheets, including narrow strip and MS castings (2% each) and rails, stainless steel tubes, brass metal/sheet/coils, ferrochrome, alumnium foil, aluminium shapes-bars/rods/flats, alloy steel castings, steel forgings-rough and steel cables (1% each). However, the price of copper shapes-bars/rods/plates/strips, copper metal/copper rings and aluminium disk & circles (3% each), stainless steel pencil ingots/billets/slabs (2%) and aluminium metal, ferrosilicon, other ferro alloys, lead ingots, bars, blocks, plates and silicomanganese (1% each) declined.

The index for ‘Manufacture of Fabricated Metal Products, Except Machinery and Equipment’ group declined by 0.3 percent to 115.2 (provisional) from 115.5 (provisional) for the previous month due to lower price of electrical stampinglaminated or otherwise (4%), boilers (3%), steel door (2%) and forged steel rings, bolts, screws, nuts & nails of iron & steel and cylinders (1% each). However, the price of stainless steel tank and metal cutting tools & accessories (3% each) and hose pipes in set or otherwise, steel structures, steel drums and barrels, iron/steel cap and pressure cooker (1% each) moved up.

The index for ‘Manufacture of Computer, Electronic and Optical Products’ group rose by 0.7 percent to 113.0 (provisional) from 112.2 (provisional) for the previous month due to higher price of meter (non-electrical) (5%), sunglasses (2%) and capacitors, telephone sets including mobile hand sets, watch and electronic printed circuit board (PCB)/micro circuit (1% each). However, the price of microscope (8%) and electro-diagnostic apparatus, used in medical, surgical, dental or veterinary sciences (2%) declined.

The index for ‘Manufacture of Electrical Equipment’ group rose by 0.1 percent to 111.8 (provisional) from 111.7 (provisional) for the previous month due to higher price of solenoid valve (6%), motors & other dc equipment (5%), fibre optic cables and air coolers (3% each), domestic gas stove, cooling tower, ACSR conductors, insulator and insulating & flexible wire (2% each) and electrical relay/conductor, PVC insulated cable, aluminium/alloy conductor, rotor/magneto rotor assembly, generators & alternators, jelly filled cables, light fitting accessories and aluminium wire (1% each). However, the price of microwave oven (7%), electric welding machine, refrigerators and transformer (2% each) and safety fuse, electrical resistors (except heating resistors), rubber insulated cables, electric filament type lamps and electric & other meters (1% each) declined.

The index for ‘Manufacture of Machinery and Equipment’ group rose by 0.2 percent to 111.3 (provisional) from 111.1 (provisional) for the previous month due to higher price of dumper (11%), precision machinery equipment/form tools (7%), chillers (6%), injection pump, mining, quarrying & metallurgical machinery/parts, deep freezers and air gas compressor including compressor for refrigerator (2% each) and sewing machines, motor starter, pharmaceutical machinery, water pump, centrifugal pumps, agriculture implements, grinding or polishing machine, hydraulic pump, agricultural tractors, lathes, roller mill (raymond), concrete vibrator & mixture and sugar machinery (1% each). However, the price of conveyors - non-roller type (4%), chemical equipment & system (3%), machinery used in the milling industry, open end spinning machinery, furnaces & ovens, hydraulic equipment and roller & ball bearings (2% each) and manufacture of bearings, gears, gearing & driving elements, water purifier and threshers (1% each) declined.

The index for ‘Manufacture of Motor Vehicles, Trailers and Semi-Trailers’ group rose by 0.3 percent to 113.6 (provisional) from 113.3 (provisional) for the previous month due to higher price of radiators & coolers (6%), axles of motor vehicles and minibus/bus (2% each) and piston ring/piston & compressor, wheels/wheels & parts, silencer & damper and shafts of all kinds (1% each). However, the price of crankshaft (6%), brake pad/brake liner/brake block/brake rubber, others (5%), release valve (3%) and chain (1%) declined.

The index for ‘Manufacture of Other Transport Equipment’ group rose by 0.2 percent to 111.4 (provisional) from 111.2 (provisional) for the previous month due to higher price of bicycles of all types (1%).

The index for ‘Manufacture of Furniture’ group declined by 0.1 percent to 125.4 (provisional) from 125.5 (provisional) for the previous month due to lower price of foam and rubber mattress (1%). However, the price of steel shutter gate (1%) moved up.

The index for ‘Other Manufacturing’ group rose by 0.4 percent to 107.0 (provisional) from 106.6 (provisional) for the previous month due to higher price of playing cards (5%), intraocular lens (4%), football (2%) and cricket bat and carrom board (1% each). However, the price of stringed musical instruments (incl. santoor, guitars, etc.) (4%), cricket ball (3%) and silver (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 -2.25% in August, 2018 to 0.14% in September, 2018.

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

For the month of July, 2018, the final Wholesale Price Index for ‘All Commodities’ (Base: 2011-12=100) stood at 119.9 as compared to 119.7 (provisional) and annual rate of inflation based on final index stood at 5.27 percent as compared to 5.09 percent (provisional) respectively as reported on 14.08.2018.

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


Source: Ministry of Commerce & Industry, Dt. 15th October, 2018

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