According to the Ministry of Commerce and Industry, the positive rate of inflation is attributed primarily to higher prices in food articles, food products, and the manufacturing sectors, including motor vehicles, trailers, machinery, and equipment.
In terms of the overall WPI, the index for all commodities reached 154.6 in September 2024, registering a modest monthly increase of 0.06% from the 154.5 recorded in August.
Compared to the same period last year, the annual inflation rate showed an uptick, climbing from 1.31% in August to 1.84% in September.
The category of Primary Articles, which carries a weight of 22.62%, saw the index rise by 0.41% to 195.7 in September from 194.9 in the previous month.
On an annual basis, inflation for primary articles surged significantly to 6.59%, up from 2.42% in August. Within this group, prices of minerals increased by 1.83%, non-food articles by 1.31%, and food articles by 0.86%.
Conversely, the prices for crude petroleum and natural gas experienced a marked decline of 5.74% compared to the preceding month.
The
The deflationary trend in this category intensified, with the annual inflation rate dropping to -4.05%, a deeper decline from -0.67% in the previous month.
The decrease in mineral oil prices by 1.72% largely contributed to this downward movement, while electricity prices registered a slight increase of 1.34%, and coal prices remained stable.
In the Manufactured Products category, which has the largest weight of 64.23%, the index inched up by 0.14% to 141.8 in September.
However, the annual inflation rate for manufactured products softened to 1.00%. Out of 22 sub-categories, 10 saw price increases, including food products, wearing apparel, and electronic products. On the other hand, prices declined in areas such as basic metals, textiles, chemicals, and fabricated metal products.
A significant factor contributing to the overall inflation rate was the sharp rise in the
This surge pushed the annual inflation rate for food items to a notable 9.47%, up from 3.26% the previous month, indicating a substantial increase in
The data further highlighted month-over-month trends over the past six months. April and July saw notable growth in wholesale prices, whereas August experienced a contraction before a modest rebound in September.
The Primary Articles category exhibited significant monthly growth in April (2.13%) and July (2.86%), followed by a decrease in August (-1.47%). Fuel and Power continued to show a pattern of contraction, with the exception of a slight rise in July (0.88%). In Manufactured Products, there were minor variations, with no significant peaks or troughs during the period.
The WPI for September 2024 was compiled based on an 86.3% weighted response rate, while the final figure for July 2024 relied on a 96.0% response rate. According to the revision policy, provisional figures undergo updates after a period of 10 weeks.
The next WPI release, covering October 2024, is scheduled for November 14, 2024.
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