India WPI - Wholesale Price Inflation Hardened To A Fresh All-Time High 14.2% In November: ICRA
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ICRA Research Report
The YoY Wholesale Price Index inflation surged to an all-time high 14.2% in November 2021 (our expectation: up 12.1%) from 12.5% in October 2021, and printed well above expectations, with most non-core categories displaying an inflation rate that was much steeper than anticipated.
The hardening in the WPI inflation was dominated by the surge in primary food products to an inflation of 4.9% from the disinflation of 1.7%, respectively, in addition to the rise displayed by minerals, fuel and power (series-high), crude petroleum and natural gas as well as non-food manufactured products.
While the extent of the uptick in the core-WPI inflation was relatively modest (to up 12.2% in November 2021 from up 11.9% in October 2021), the magnitude of the month-on-month hardening was substantial at 1.3%, driven by basic metals, textiles, paper, chemicals and other non-metallic mineral products.
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