WPI inflation hits 6-month high of 3.58 per cent , as food-fuel prices continue to soar
New Delhi, Nov 15 (KNN) The Wholesale inflation calculated from the Wholesale Price Index report of the Ministry of Commerce and Industry informed that the figure touched a six-month high mark in October.
The inflation comes as a result of an increase in food and fuel prices.
Experts view that the data does away with the possibility of an interest rate cut by the Reserve Bank of India (RBI) in its 6 December monetary policy review.
Economic Affairs Secretary Subhash Chandra Garg in a tweet said that the inflation rising from last month’s levels largely on account of food especially vegetables and protein products.
The Secretary however hinted that the high is likely to prove seasonal and is likely to come up fair.
Commenting upon the numbers, Federation of Indian Chambers of Commerce and Industry (FICCI) in a release said that despite the stress point with the high inflation figures, things should ease out in the coming months.
The Industry body also emphasized that the government must invest efforts to handhold the sectors such as manufacturing that is showing signs of recovery.
The Federation expressed its concerns over interest rates, saying it continues to remain challenge for the industry.
Steps must be taken in line with the ongoing efforts of the government towards the agro-processing sector. Also provisions must be made for seamless agri-value chains and agri-infrastructure in the country to minimize wastage and maximise efficiency, the Federation suggested.
Also agriculture market reforms with regard to APMC Act and e-NAM’s should continue to be encouraged, FICCI added. (With PIB Inputs) (KNN/DA)