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India's WPI-based inflation at -0.90% in January
16
Feb '16
India's annual rate of inflation, based on monthly wholesale price index (WPI), stood at minus 0.90 per cent for January 2016 (over January 2015), according to the provisional data released by the Office of the Economic Adviser, Ministry of Commerce and Industry.
 
In comparison, annual rate of inflation was minus 0.73 per cent for December 2015 and minus 0.95 per cent during January 2015. Build up inflation rate in the financial year 2015-16 so far was minus 0.23 per cent compared to a build up rate of minus 1.66 per cent in the corresponding period of the previous year.
 
Meanwhile, the official WPI for all commodities (Base: 2004-05 = 100) for the month of January, 2016 declined by 1.0 per cent to 175.7 from 177.4 for the previous month.
 
The index for manufactured products (weight 64.97 per cent) for January, 2016 rose by 0.1 per cent to 152.7 from 152.6 for the previous month. The index for textiles sub-group, declined by 0.2 per cent to 139.4 from 139.7 for the previous month due to lower price of tyre cord fabric (4 per cent) and man-made fabric, cotton yarn and man-made fibre (1 per cent each). However, the price of jute sacking bag (4 per cent), gunny and hessian cloth and jute sacking cloth (2 per cent each) and woollen textiles (1 per cent) moved up.
 
The index for primary articles (weight 20.12 per cent) declined by 1.7 per cent to 253.3 from 257.8 for the previous month. On the other hand, the index for fuel and power (weight 14.91 per cent) declined by 2.9 per cent to 171.6 from 176.8 for the previous month due to lower prices of furnace oil, aviation turbine fuel, bitumen, high speed diesel, petrol and kerosene. However, the price of LPG moved up.
 
Commenting on the data, The Associated Chambers of Commerce and Industry of India (ASSOCHAM) said that the continuous fall in India's wholesale prices is in line with industry's expectation due to multiple factors like decline in prices of crude oil and other commodities, global weak demand, negative sentiments resulting from global economies such as China and Japan, continuous decline in exports and others.
 
“Considering that inflation is within the target level of the government and the Reserve Bank of India (RBI), focus of policymakers should now shift to revive gross domestic product (GDP) and industrial growth demonstrated by declining index of industrial production (IIP),” said ASSOCHAM president Sunil Kanoria.
 
He also said that fall in overall WPI figures may bring some cheers to the wholesalers, however, continuous decline in WPI numbers for manufactured products could adversely impact the pricing power of manufacturers in India. (RKS)
 

Fibre2Fashion News Desk – India


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