WPI inflation eases to 8.39% in October, lowest since March 2021

India’s annual wholesale price index (WPI) inflation for the month of October 2022 eased to 8.39% year-on-year, in single digits and the lowest since March 2021, helped by a fall in commodity prices, the government data showed on Monday. The WPI inflation for October was lower than 10.70% recorded in the previous month of September 2022.

Indian consumer price index (CPI) inflation or retail inflation will be announced today later in the day. A Reuters poll showed economists expect retail price inflation slowed to 6.73% last month, due to weaker food price rises and a strong base year, but remained stubbornly above the Reserve Bank of India’s 6% upper limit.

The inflation rate, as measured by the annual change in the CPI, was at 7.41% in September. The Reserve Bank of India (RBI) mainly looks at retail inflation to frame monetary policy. The RBI has raised its main repo rate by a cumulative 190 basis points since May to 5.90% to tame inflation.

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