India Wholesale Prices Rise 0.52% In August

(RTTNews) - India's wholesale prices increased in August after falling in the previous two months, provisional data from the Ministry of Commerce and Industry revealed on Monday.

The wholesale price index, or WPI, rose 0.52 percent year-over-year in July, reversing a 0.58 percent fall in June. The expected rise was 0.30 percent.

Food prices logged a renewed increase of 0.21 percent annually in July, while the price decline in primary articles eased to 2.10 percent annually from 4.95 percent in June, and costs for fuel and power also showed a faster decrease of 3.17 percent.

Data showed that the annual price growth of manufactured products rose to 2.55 from 2.05 percent.

On a monthly basis, wholesale prices moved up 0.52 percent from June, when they increased by 0.46 percent.

Official data revealed last week showed that India's consumer price inflation increased for the first time in ten months in August to 2.07 percent from 1.61 percent in July. The Reserve Bank of India aims to keep inflation in a 2-6 percent tolerance band. During its last meeting, the RBI decided to hold rates at 5.5 percent.