India's wholesale price index increased by 5.28 percent on the year in October, picking up slightly from 5.13 percent in September. The index advanced 0.67 percent on the month after an increase of 0.75 percent previously. Today's data follows the release earlier in the week of CPI data showing a decline in consumer inflation from 3.7 percent in September to 3.31 percent in October, below the mid-point of the Reserve Bank of India's target range of 2.0 percent to 6.0 percent.
The small increase in WPI inflation in October largely reflects a bigger year-on-year increase in prices of manufactured products, which account for around 64 percent on the index. These increased by 4.49 percent in October, up from 4.22 percent in September. The year-on-year increase in fuel and power prices (around 13 percent of the index) also picked up from 16.65 percent in September to 18.44 percent in October. Food prices (around 15 percent of the index) fell 1.49 percent on the year after dropping 0.21 percent previously.