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WPI inflation fell to 12.41% for third consecutive month in August

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Wholesale price-based inflation declined for the third straight month to 12.41 percent in August as the prices of manufactured items fell even as foodstuffs saw an uptick.



Inflation based on the wholesale price index was 13.93 percent in July and 11.64 percent in August last year.

August is the 17th consecutive month of double-digit wholesale price inflation (WPI).

The WPI had reached a record high of 15.88 percent in May this year.

Food inflation rose to 12.37 percent in August, from 10.77 percent in July.

The price increase of vegetables amounted to 22.29 percent in the month under review, compared to 18.25 percent in July.

In the fuel and power package, inflation was 33.67 percent in August, compared to 43.75 percent in July. In industrial products and oilseeds this was 7.51 percent and (-) 13.48 percent respectively.

The Reserve Bank of India (RBI) mainly looks at retail inflation to guide its monetary policy.

Retail inflation has remained above the Reserve Bank’s upper tolerance threshold of 6 percent for the eighth straight month, standing at 7 percent in August.

To curb persistently high inflation, the RBI has raised the key rate three times this year to 5.40 percent.

According to the central bank’s projections, retail inflation is likely to average 6.7 percent in 2022-23.

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