New Delhi: India’s Wholesale Inflation has reached 12 years high. The WPI rate surged to 14.23% in November over a year ago due to the base effect and ongoing worldwide phenomena of Inflation. With this, a rise in prices of mineral oils, basic metals, crude petroleum, natural gas, chemicals, and food products is seen as per the official data on 14th December.
With the rise in WPI, the consumer price index (CPI) for November also climbed 4.91%, despite the central and several state governments reducing taxes on petrol and diesel early in the month to provide relief to the people. The rate on other commodities continues to affect the pockets of commoners.,
The Experts are calling it an ongoing phenomenon across the globe like the US, UK, and other nations are also seeing a surge in Inflation. Pradeep Multani, president of the Ph.D. Chamber of Commerce and Industry said, “The WPI inflation has “increased to a record level” because of an increase in prices of food articles, including vegetables, fruits, egg, and meat, along with high prices of fuel and power.
Though the prices have stabilized, the experts predict a reduction in Inflation in the coming months.