Global News

WPI inflation eases to 0.9% in June'17

WPI inflation eases to 0.9% in June'17

Two days after headline retail inflation registered a record low of 1.54 per cent, June wholesale inflation data released on Friday showed wholesale price index (WPI)-based inflation has slipped to its lowest level this year, at 0.9 per cent. WPI inflation was 2.17 per cent in May.

The composite food index within the WPI, combining the values of food items in the primary articles category and manufactured food items, contracted 1.25% in June compared with a growth of 0.15% in the previous month.

The WPI figures for June represent second time that it is being calculated based on the new series with 2011-12 as the base year.

Prices potato plummeted (-) 47.32 percent in June, as against a growth 81 percent last year, while that of food articles fell (-) 3.47 percent from 7.78 percent the year before. For onion, deflation was 9.47 per cent in June. The index for textiles sub-group increased by 0.1 per cent to 113.7 from 113.6 for the previous month due to higher price of cotton yarn, viscose yarn and weaving and finishing of textiles (1 per cent each).

"The declining inflation scenario, which has been undershooting the central bank's inflation target by a large margin, should induce the RBI to resume its rate easing cycle", said Banerjee. The inflation for fuel items dipped to 5.3% in June 2017 from 11.7% in May 2017. Manufactured products inflation came at 2.27% in June compared to 2.55% in the last month.

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Analysts also said the Monetary Policy Committee in its next meeting could lower rates.

"However, it is unlikely to improve investment demand in the economy". Chief Economic Adviser to the Finance Ministry Arvind Subramanian had seemingly pitched for lower rates, noting the "paradigm shift" in inflation trajectory that has been "missed by all".

His comments were seen as an apparent reference to the decision of the Monetary Policy Committee, chaired by RBI Governor Urjit Patel, which has kept the key policy rate unchanged so far this year citing pricing pressures. WPI has undergone seven revisions in base year, from time to time. It was revised in May from 2004-05 with the aim to reflect the macroeconomic picture more accurately.

Prices of manufactured products, which comprise almost 64.23 per cent of the index, rose by 2.27 per cent.

Prices of leather and leather related products also declined (-) 3.15 percent, compared with a growth of 1.23 percent year ago.


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