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Wholesale Price Index

Context:

India’s wholesale prices remained in deflationary mode for the second month with prices falling 3.48%, and all categories reporting a contraction in prices compared with May 2022, when inflation had hit a record high of 16.6%.

About Wholesale Price Index:

Wholesale Price Index (WPI) represents the price of goods at a wholesale stage i.e. goods that are sold in bulk and traded between organisations instead of consumers.
Released by: The Economic Advisor in the Ministry of Commerce and Industry.
Base year: 2011-12
WPI covers only goods and services are excluded.
WPI is primarily used as a GDP deflator.
WPI reckons only basic prices and does not include taxes, rebate/trade discounts, transport and other charges.
Components and weightage in WPI basket:
1. Primary articles: 20.12 percent
2. Manufactured products: 64.97 percent
3. Fuel and power: 14.91 percent

News Source: The Hindu

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