WPI inflation rate in November spikes to 14.23%

The high rate of inflation in November 2021 is mainly due to increase in rates of mineral oils, basic metals, unrefined petroleum, gas, chemical and food, the government said.

Inflation In November 2021 Was Highest In The Past 12 Years (Representative Image)

Inflation in November 2021 was highest in the previous 12 years(Representative image) The rate of wholesale inflation spiked to 14.23 percent in November 2021, based on the information released by Department for Promo of Industry and Internal Trade(DPIIT)on December 14. Measured by the Wholesale Price Index (WPI), the wholesale inflation rate in India has enhanced for the 2nd successive month. In October, a spike of 12.5 percent was taped by the government.On a year-on-year basis, the WPI inflation has actually enormously risen in November. In the exact same month in 2020, the wholesale inflation rate stood at 2.29 percent.”The high rate of inflation in November 2021 is mostly due to rise in rates of mineral oils, standard metals, unrefined petroleum & & gas, chemicals and chemical products, foodstuff and so on as compared to the corresponding month of the previous year,” the Ministry of Commerce & & Industry said in an official release.Also Read|IIP grows by 3.2 %in October 2021 While the WPI inflation rate for all commodities spiked by 14.23 percent, it soared by 39.81 percent for fuel and power specifically, the federal government data showed. In October 2021, the wholesale inflation rate for fuel and power can be found in at 37.18 percent.For food, the wholesale inflation spiked by 6.70 percent in November, as compared to 3.06 percent in the preceding month.The data on WPI inflation was launched a day after the Ministry of Stats and Programme Implementation announced that retail inflation rate marginally increased to 4.91 percent in November 2021. While the wholesale inflation has actually raised concerns in October and November, the retail inflation rate has actually remained within the Reserve Bank of India-set target of 6 percent because July this year. Moneycontrol News