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WPI Inflation For December Lower Than Estimates At 3.58%
For the remaining months of the fiscal year, the apex bank revised its inflation forecast to 4.3-4.7% on the back of surge in crude oil prices and implementation of 7th pay commission recommendations.
A Bloomberg poll estimated WPI for the December month at 4% which is reported to be a tad lower at 3.58% on the back of decline in food article prices. Inflation based on wholesale prices was 3.93% in the last month and 2.1% in the same month last year.
As per the government data, food articles inflation moderated to 4.72% in December as against 6.06% in the previous month.Vegetable inflation also eased at 56.46% in the month in comparison to 59.8% in November. Onion surged in price by a whopping 197% in the last month.
Wholesale inflation hardened for the fuel and power segment at 9.16% and for manufactured items stood at 2.61%.
Last week retail inflation measured by CPI hardened to 5.21% in December breaching RBI's set target for the fiscal year of 4%. The rise in price of vegetab1es mainly triggered the high CPI levels.
For determining key policy rates, RBI makes use of inflation at retail level. In its last policy meet in December, the central bank kept the key rates unchanged. For the remaining months of the fiscal year, the apex bank revised its inflation forecast to 4.3-4.7% on the back of surge in crude oil prices and implementation of 7th pay commission recommendations.
With Inputs From PTI
