India’s annual rate of inflation based on wholesale prices jumped to 1.48 per cent in October from a rise of 1.32 per cent in September.
“The rate of inflation, based on monthly WPI, stood at 1.48 per cent (provisional) for the month of October, 2020 (over October, 2019), as compared to ‘0.00 per cent’ (standstill) during the corresponding month of the previous year,” a Ministry of Commerce and Industry statement on WPI said.
On a sub-segment basis, prices of manufactured items remained at elevated levels with a rise of 2.12 per cent from 1.61 per cent reported for September and (-) 0.93 per cent recorded during October 2019.
The expenses on primary articles, which constitute 22.62 per cent of the WPI’s total weightage, increased to 4.74 per cent.
However, it had increased in a faster pace in September 2020 at 5.10 per cent and 6.05 per cent the corresponding month of the previous year.
The prices of food items rose by 6.37 per cent from 8.17 per cent reported for September 2020 and 9.80 per cent in October 2019.
On the commodity front, potato price increased by 107.70 per cent while it had risen by 107.63 per cent during September 2020.
Besides, onion prices in October rose 8.49 per cent against a rise of (-) 31.64 per cent in September.
Similarly, pulses became dearer by 15.93 per cent last month from 12.53 per cent in September.
Petrol, diesel prices remain unaltered
Oil marketing companies did not effect any revision in retail price of petrol and diesel across the the country on Monday giving respite to consumers during festival season as rising global crude prices in last week had started talk of a possible price rise of auto fuel.
So, petrol prices in the national in capital continues to remain at Rs 81.06 per litre. In Mumbai, Chennai and Kolkata, the fuel was sold for Rs 87.74, Rs 84.14 and Rs 82.59 per litre, respectively.
Diesel prices in Delhi, Mumbai, Chennai and Kolkata were at Rs 70.46, Rs 76.86, Rs 75.95 and Rs 73.99, respectively.
With no revision on Monday, petrol prices have now remained at the same level for 55 days now while diesel prices have been at the same level for 45 days.
The global oil price have started showing signs of forming up ever since news of a successful vaccine against coronavirus came last week. Benchmark crude Brent rose over $45 a barrel last week, settling a tad lower at $43.5 a barrel on Monday.
Though oil companies revise petrol and diesel prices based on global movement of product prices, crude has a bearing on overall price sensitiveness petroleum products across the chain.
