India's wholesale inflation cools to 2.6% YoY in September led by food

Inflation in egg, meat and fish segment stood at 5.47 percent for the month of September, while the rate in manufactured products witnessed a slight increase to 2.72 percent, against 2.45 percent in August.

India's wholesale inflation rose 2.6% in September from a year ago, slower than the provisional 3.24% recorded in August, aided by a sharp fall in food and vegetable prices, data released by the commerce and industry ministry showed on Monday.

"The rate of inflation based on WPI Food Index consisting of "Food Articles" from Primary Articles group, and "Food Product" from Manufactured Products group decreased from 4.41 per cent in August to 1.99 per cent in September", the statement said.

Official data released last week showed that consumer price inflation held steady at 3.28 percent in September.

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Primary articles, which accounts for more than a fifth of the entire wholesale price index fell sharply to 0.15 percent in September from 2.66 percent in August.

Taking a microscopic view on the data, it showed that onion prices continued to rule high, with 79.78 percent increase in September.

The final print of July WPI inflation remained unchanged from the provisional estimate of 1.88 per cent.

The index of manufacturing of motor vehicles, trailers and semi-trailers segment, came down by 1.3 percent to 110.5 from 111.9.

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Instead, prices of the other major group under the WPI - manufactured products - which comprise almost 64.23 per cent of the index, rose marginally by 0.4 per cent.

Wholesale price index (WPI) inflation was recorded at 1.36% in September past year.

The central government's reduction in excise duty on petrol and diesel by Rs2 and some of the state governments following suit by reducing value added tax (VAT) on auto fuel earlier this month is expected to dampen inflation for fuels in October.

"Given the moderation in both CPI and WPI inflation, the RBI should resume the rate easing cycle in its next monetary policy announcement to give a fillip to demand".

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Earlier this month, the Reserve Bank of India (RBI) had kept benchmark interest rate unchanged on fears of rising inflation.

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