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POLICY & REGULATIONS
Crude and metal prices edging up, putting pressure on wholesale prices
Wednesday, 19 April, 2017, 08 : 00 AM [IST]
Our Bureau, New Delhi
Commenting on the latest wholesale price index- (WPI) based inflation numbers, Pankaj Patel, president, Federation of Indian Chambers of Commerce and Industry (FICCI), said, “Commodity prices - crude as well as metal prices - had been edging up, putting pressure on wholesale prices over the past few months.”
“However, the WPI-based inflation shows a decline from the previous month, and this can be attributed to the softening of inflation in the fuel and power and manufactured goods segments. Further, the recent strengthening of the rupee vis-a-vis the dollar will also contribute towards limiting imported inflation,” he added.
“Food inflation, however, has increased a bit, and this would require greater monitoring in light of the evolving weather conditions. The government is keeping a close tab on the progress made on irrigation projects, cold chain projects etc. and improvement in these areas is likely to yield positive results,” Patel said.
“The focus on drip irrigation and micro-irrigation, along with improvement in the efficiency of cropping patterns and water use mechanisms, will strengthen agri production and productivity,” he added.
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