Wholesale Price-Based Inflation: The government has released the data of wholesale inflation today. Wholesale inflation has increased from 1.22 percent in December 2020 to 2.03 percent in January 2021. According to data from the Ministry of Commerce and Industry, the prices of food items have moderated in January, although the prices of manufactured goods have gone up.
Wholesale inflation was 3.52 percent in January 2020
The wholesale (WPI) inflation was earlier 1.22 percent in December 2020 and 3.52 percent in January 2020. According to the data, the wholesale inflation rate of food items in January 2021 was down to minus 2.8 percent. This was down to minus 1.11 percent in December 2020, a month earlier. During this period, the wholesale inflation rate of vegetables was minus 20.82 percent and the wholesale inflation of fuel and electricity was minus 4.78 percent. However, the wholesale inflation rate of potato was 22.04 percent during this period. Inflation in the non-food category was 4.16 percent during this period.
The Reserve Bank of India (RBI) in its monetary policy announcement on February 5 kept the interest rates unchanged for the fourth consecutive meeting. The Reserve Bank had announced that the scenario of inflation has become favorable in the near future.
Stock market reached new heights even before data
The country’s stock market opened at a record high today and the Sensex crossed 52,000 for the first time. The Nifty also reached close to 15,300. The Sensex gained 363.45 points to open at 51,907.75 and rose to 52,036.14, while the Nifty rose by 107 points to 15,297.10 after opening. The domestic stock market sizzled during initial trading due to strong foreign cues and key sentiment indices touched new highs.
After the general budget, there has been a tremendous recovery in the domestic stock market and a strong increase has been recorded at the weekly level for two consecutive weeks.
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