India's August Wholesale Inflation Rises Most in Four MonthsBy
Inflation rate was 3.24%, close to 3.2% estimate in survey
August fuel prices climbed 10%, food prices rose by 5.75%
India’s wholesale inflation accelerated the most since April on higher food and fuel costs.
Wholesale prices rose 3.24 percent in August from a year earlier, the Commerce Ministry said in a statement on Thursday. That’s close to the 3.2 percent median estimate in a Bloomberg survey of 31 economists. Wholesale price inflation in July stood at 1.88 percent.
While the data is in line with expectation of a seasonal rise in food prices and after disruption to supply chains following the implementation of a nationwide goods and services tax in July.
The index for food articles rose by 5.75 percent, the statement said, while fuel, power and lighting prices rose 10 percent. Manufactured products rose 2.45 percent.
It follows the release of consumer price data on Tuesday which showed India’s August inflation rate accelerated the fastest since March, exceeding expectations ahead of the central bank’s policy review in October.