Wholesale inflation breaks 12-year record this time.
New Delhi: Inflation in India has severely hit the ordinary lives of people in recent times. India has witnessed a consecutive increase in the price of commodities, including fuel prices, vegetables, garments, etc.
Led by the sharp increase in fuel prices, metals, garments, and food products, India's wholesale price-based inflation (WPI) rose to 14.23% in November. This inflation in the WPI is the highest in 12 years.
"The annual rate of inflation is 14.23% (Provisional) for November 2021 as compared to 2.29% in November 2020," the Ministry of Commerce and Industry stated in a statement.
The high inflation rate in November 2021 is principally due to the rise in prices of mineral oils, metals, fuel prices, chemical products, food products, etc.
Wholesale fuel and power costs streamed 39.81 % in November on a year-on-year grounds. The wholesale fuel and power inflation stood at 37.18 % in October.
As per data, WPI inflation has remained in double digits for the last eight consecutive months starting from April 2021. Data issued on Monday displayed that the retail inflation based on the Consumer Price Index (Combined) increased to 4.91 % in November, from 4.48 % a month back, as food prices rose.
However, the Consumer Price Index (CPI) established inflation stayed within the convenience zone of the Reserve Bank of India. The government has ordered the Central Bank to control inflation at 4 %.