India’s food inflation fell sharply to 8% for week ended Nov 19

01 Dec 2011 Evaluate

India’s weekly food inflation measured by the Wholesale Price Index (WPI) witnessed a sharp moderation to 8% for the week ended November 19 from 9.01% in the last week. The decline in food inflation has come on the back of moderation in prices of vegetables, cereals, potato, onion and wheat. Though, prices of most agricultural items, barring the above, continued to rise on an annual basis.

According to the data released by the Ministry of Commerce and Industry, the index for ‘Food Articles’ group declined by 1.4% to 195.7 (Provisional) from 198.5 (Provisional) for the previous week due to lower prices of fruits and vegetables (5%), ragi (3%), fish-marine(2%) and jowar, gram, masur, poultry chicken and condiments and spices (1% each). However, the prices of maize, milk, mutton, pork and tea (1% each) moved up.

The index for `Non-Food Articles` group rose by 1.1% to176.7(Provisional) from 174.7 (Provisional) for the previous week due to higher prices of flowers (12%), coir fibre and gingelly seed(4% each), groundnut seed and raw rubber (3% each), raw silk and copra(2% each) and rape and mustard seed, cotton seed and soyabean (1% each). However, the prices of niger seed (3%), linseed (2%) and raw cotton, and raw jute (1% each) declined.

The index for `Minerals` group rose by 0.2% to 311.1 (Provisional) from 310.5 (Provisional) for the previous week due to higher prices of bauxite (9%), barytes (7%) and chromite (1%). However, the higher prices of steatite (13%) and magnesite (1%) declined.

As a result the index for ‘Primary Articles’ which accounts for 20.12% of the WPI declined by 0.7% to 200.4 (Provisional) from 201.9 (Provisional) for the previous week. The annual rate of inflation, calculated on point to point basis, stood at 7.74% (Provisional) for the week ended November 19 as compared to 9.08% (Provisional) for the previous week.

Meanwhile, the index for ‘Fuel and Power’ group, which accounts for 14.91% of WPI, rose by 0.2% to 171.8 (Provisional) from 171.5 (Provisional) for the previous week due to higher prices of naphtha and furnace oil (3% each) and aviation turbine fuel (2%). However, the prices of petrol (3%) and light diesel oil (2%) declined. The annual rate of inflation, calculated on point to point basis, stood at 15.53% (Provisional) for the week ended November 19 as compared to 15.49% (Provisional) for the previous week.

The fourth successive decline in the India’s weekly food inflation is expected to provide some relief to the government, policy- makers and industry. The RBI has hiked interest rates 13 times since March 2010, to tame demand and curb inflation. However, in its second quarterly review of the monetary policy last month, the RBI had said that it expected inflation to remain elevated till December on account of the demand-supply mismatch, before moderating to 7% by March 2012.

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