India: WPI Inflation Eases to 12.07% in June, 2021

(20th July 2021) India's wholesale inflation (WPI) eased marginally to 12.07% YoY in June from a record high of 12.9% in previous month as fuel and food witnessed slight softening in prices. 

  • Food inflation grew 3.1% YoY in June as compared to 4.3% in the previous month, while fuel and power inflation eased to 32.8% from 37.6% despite recent increase in petrol, diesel and cooking gas prices.
  • Manufactured products inflation ticked up 10.9% from 10.8% in May led by textiles, apparel, leather.

However, WPI inflation remained in double digit for third consecutive month in June and would have spillover impact on retail inflation in coming months.

 

Consumer price index (CPI) , also known as retail inflation, marginally reduced to 6.26% YoY in June from 6.3% in previous month as food prices hardened coupled with fuel prices.

  • Food inflation inched to 5.2% from 5% in May.
  • Inflation in oil and fats grew 34.8% in June from 30.8% in previous month.

  • Fuel and light inflation stood at 12.7% compared to 11.9% last month.

However, the inflation remained above RBI's monetary policy committee (MPC) targeting range of 4% (+/-2). Given the devastating impact of COVID-19 pandemic on the economy, the MPC is expected to maintain policy rate unchanged. 

 

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