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Today i.e. on June 16, the wholesale inflation figures of May will be released. According to experts, it may see a decline. There has been a decrease in inflation due to the decrease in the prices of daily needs and the prices of food and drink.
Earlier in April, the wholesale inflation came down from 2.05 % to 0.85 %. This was a 13 -month low of inflation. In March 2024, inflation was at 0.53%. The Ministry of Commerce and Industry will release these figures.
Retail inflation came to 6 years low Earlier, according to the data released on June 12, India’s retail inflation has come to 2.82% in May. This is a 6 -year low. Earlier in March 2019 it was 2.86%. Retail inflation has decreased due to continuous softening in the prices of food items.
Earlier in April, retail inflation came down to 3.16%. At the same time, retail inflation was 3.34% in the month of March. This was a 67 -month low of inflation. Retail inflation is below 4% of the RBI target from February.
Wholesale Price Index (WPI) has an impact on common man It has a bad effect on most of the productive sectors due to prolonged wholesale inflation. If the wholesale price remains at a high level for a long time, then the producers put its burden on the consumers. The government can only control WPI through tax.
For example, in the event of a sharp increase in crude oil, the government had cut excise duty on fuel. However, the government can reduce tax deduction within a limit itself. WPI contains more weightage of metal, chemical, plastic, rubber.
Three parts of wholesale inflation Primary article, whose weightage is 22.62%. Fuel and power weightage is 13.15% and manufactured product weightage is the highest 64.23%. There are also four parts of the primary article.
- Food articles like grains, wheat, vegetables
- Oil seeds come in non -food article
- Minerals
- Crude petroleum
How is inflation measured? There are two types of inflation in India. One is retail means retail and the other is the wholesale inflation. Retail inflation is based on prices paid by common customers. It is also called Consumer Price Index (CPI). At the same time, the wholesale Price Index (WPI) means the prices that charge a businessman in the wholesale market from another businessman.
Different items are included to measure inflation. Such as manufactured products in wholesale inflation are 63.75%, primary article such as food 22.62% and fuel and power is 13.15%. At the same time, food and product participation in retail inflation, 45.86%, 10.07% of housing and other items are also involved.
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