new Delhi: Inflation based on wholesale prices rose to 1.32 percent in September 2020 due to a spurt in food prices. According to official data released on Wednesday, “The annual rate of inflation based on monthly WPI (wholesale price index) stood at 1.32 percent in September, as against 0.33 percent in the same period last year.” Inflation based on wholesale prices was 0.16 percent in August.
Earlier WPI inflation was negative for four consecutive months (negative 1.57 percent in April, negative 3.37 percent in May, negative 1.81 percent in June and negative 0.58 percent in July).
According to the Commerce Ministry data, food inflation stood at 8.17 percent, compared to 3.84 percent in August. In the same period, grain prices declined, while pulses became soluble. During this period the rate of expiry of vegetables was at a high level of 36.54 per cent. Potato prices were higher at 107.63 per year than a year ago, although onion prices saw some drop.
Economy will decline by 10.3 percent this year
At the same time, the Internal Monetary Fund (IMF) has said that the coronavirus is expected to cause a big decline of 10.3 percent in the Indian economy this year. However, at the same time the IMF has stated that the Indian economy will probably register a strong growth of 8.8 percent in 2021 and will regain the status of a rapidly growing emerging economy, overtaking China. China is projected to achieve 8.2 percent in 2021.
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