The rate of inflation based on the new series of wholesale price index has come down to 8.51 for the month of August. It was at 9.78 percent in the month of July. The inflation index for food articles has declined by 0.8 percent and increased in non food articles by 1.1 percent. The data released today says that index of minerals has gone up by one percent and manufactured products by 0.2 percent. Releasing the new Wholesale Price Index series with 2004-05 as base year, the commerce minister Anand Sharma said that it is a representative of basket of 676 items unlike the previous 1993-94 series, which has 435 items. He added that 1993-94 WPI series will be discontinued from September. He also said that the number of items selected for collecting price data is 5,482, which is virtually three times more than that under the current 1993-94 series. Weekly WPI inflation released for primary articles, including food, and fuel and power, will also come under the new WPI series . The new series is based on recommendations of a working group headed by Planning Commission member Abhijit Sen. The working group had submitted its technical report in May 2008. Trial run as per the new series was on since April. Some of the important items included in the new series basket include flowers, lemon, ice cream, canned meat, palm oil, readymade and instant food, power and mineral water under primary and food articles. Under food and power, crude petroleum has been included.
News On AIR | September 14, 2010 12:30 PM
Inflation based on new series of wholesale price index slips to 8.51%