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The high rate of inflation in November 2021 is primarily due to the rise in prices of mineral oils, basic metals, crude petroleum, natural gas, chemical, and food products, the government said.
The rate of wholesale inflation spiked to 14.23 percent in November 2021, as per the data released by Department for Promotion of Industry and Internal Trade (DPIIT) on December 14.
Measured by the Wholesale Price Index (WPI), the wholesale inflation rate in India has strengthened for the second consecutive month. In October, a spike of 12.5 percent was recorded by the government.
On a year-on-year basis, the WPI inflation has massively surged in November. In the same month in 2020, the wholesale inflation rate stood at 2.29 percent.
"The high rate of inflation in November 2021 is primarily due to rise in prices of mineral oils, basic metals, crude petroleum & natural gas, chemicals and chemical products, food products, etc. as compared to the corresponding month of the previous year," the Ministry of Commerce & Industry said in an official release.
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 government data showed. In October 2021, the wholesale inflation rate for fuel and power came in at 37.18 percent.
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For food products, 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 released a day after the Ministry of Statistics and Programme Implementation announced that the retail inflation rate marginally increased to 4.91 percent in November 2021.
While the wholesale inflation has raised concerns in October and November, the retail inflation rate has remained within the Reserve Bank of India-set target of six percent since July this year.