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India Feb WPI inflation at 2.48% vs 2.84% mom

The annual rate of inflation, based on monthly WPI, stood at 2.48% (provisional) for the month of February, 2018 (over February, 2017) as compared to 2.84% (provisional) for the previous month and 5.51% during the corresponding month of the previous year. Build up inflation rate in the financial year so far was 2.30% compared to a build-up rate of 4.92% in the corresponding period of the previous year.

The rate of inflation based on WPI Food Index consisting of ‘Food Articles’ from Primary Articles group and ‘Food Product’ from Manufactured Products group decreased from 1.65% in January 2018 to 0.07% in February 2018.

Primary Articles (Weight 22.62%)
The index for this major group declined by 1.3% to 128 (provisional) from 129.7 (provisional) for the previous month. The groups and items which showed variations during the month are as follows:

The index for ‘Food Articles’ group declined by 2% to 137.8 (provisional) from 140.6 (provisional) for the previous month due to lower price of fruits & vegetables (9%), gram, tea and masur (4% each), rajma and bajra (3% each), egg, fish-marine, peas/chawali, jowar and urad (2% each) and wheat (1%).  However, the price of betel leaves (13%), ragi (3%) and arhar, maize, condiments & spices, coffee, moong, fish-inland, poultry chicken and paddy (1% each) moved up.

The index for ‘Non-Food Articles’ group declined by 0.1% to 120.6 (provisional) from 120.7 (provisional) for the previous month due to lower price of floriculture (15%), niger seed (5%), raw cotton and linseed (3% each), raw rubber and skins (raw) (2% each) and cotton seed, raw silk, rape & mustard seed and copra (coconut) (1% each).  However, the price of soyabean (11%), hides (raw) (10%), mesta (8%), raw jute (5%), guar seed (4%), raw wool and fodder (2% each) and groundnut seed, castor seed, gingelly seed and sunflower (1% each) moved up.

The index for ‘Minerals’ group rose by 0.2% to 122.2 (provisional) from 121.9 (provisional) for the previous month due to higher price of iron ore (3%) and copper concentrate (1%).  However, the price of sillimanite (9%), lead concentrate (4%), manganese ore (3%) and chromite and phosphorite (2% each) declined.

The index for ‘Crude Petroleum & Natural Gas’ group rose by 2.9% to 80.6 (provisional) from 78.3 (provisional) for the previous month due to higher price of crude petroleum (3%) and natural gas (2%).

Fuel & Power (Weight 13.15%)
The index for this major group rose by 1.2% to 98.1 (provisional) from 96.9 (provisional) for the previous month. The groups and items which showed variations during the month are as follows:

The index for ‘Coal’ group rose by 1.2% to 122.6 (provisional) from 121.1 (provisional) for the previous month due to higher price of non-coking coal (2%).

The index for ‘Mineral Oils’ group rose by 1.8% to 89.8 (provisional) from 88.2 (provisional) for the previous month due to higher price of ATF (7%), kerosene and lube oils (4% each), furnace oil (3%), HSD and petrol (2% each) and petroleum coke (1%).  However, the price of bitumen and naphtha (2% each) declined.

Manufactured Products (Weight 64.23%)
The index for this major group rose by 0.4% to 115.2 (provisional) from 114.7 (provisional) for the previous month.