WPI inflation spikes to 5.25 pc in Jan, fuel prices rise

February 14, 2017

New Delhi, Feb 14: Wholesale inflation shot up to a 30-month high of 5.25 per cent in January as rising global crude oil prices spiked domestic fuel cost, even as food prices moderated.

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The wholesale price index (WPI) based inflation, reflecting the annual rate of price rise, in December stood at 3.39 per cent.In January 2016, the print was (-)1.07 per cent.

The last comparable high level of WPI was witnessed in July 2014 at 5.41 per cent.
As per Commerce Ministry data, inflation in the 'fuel and power' basket more than doubled to 18.14 per cent in January, up from 8.65 per cent in the previous month.

Inflation in diesel and petrol shot up to 31.10 per cent and 15.66 per cent during the month.

Oil prices have been on rise since OPEC in early December decided to cut output for the first time in eight years. Spot LNG prices have also risen from USD 5.25 to about USD 9 per MMBTU on winter heating requirements. Liquefied natural gas (LNG) is used for power generation.

As per the data, food inflation basket witnessed contraction for the second month in a row with inflation at (-)0.56 per cent in January as against (-)0.70 per cent in December.

WPI inflation in vegetables, at (-)32.32 per cent in January, saw deflationary pressure for the fifth consecutive month. This was helped by a substantial price fall in onions, which stood at (-)28.86 per cent.

Pulse inflation moderated to 6.21 per cent, from 18.12 per cent in December. Potato prices recorded sharp fall at (-)0.20 per cent, from 26.42 per cent in the previous month.

Rate of price increase in egg, meat and fish was 3.59 per cent during January.
Inflation in manufactured items saw some uptick at 3.99 per cent compared with 3.67 per cent in December.

While the rate of price rise in sugar was 22.83 per cent, for fibres, it was 15.18 per cent, and 25.44 per cent for minerals.

The WPI inflation for November has been revised upwards to 3.38 per cent against the provisional estimate of 3.15 per cent.

The rise in wholesale inflation is in contrast to the fall in retail inflation, which hit a five-year low of 3.17 per cent in January.

In its policy last week, RBI retained the benchmark interest rate and changed the stance from 'accommodative' to 'neutral', indicating that there will not be any rate cut in the near term.

It may, however, have to review its policy stance in the wake of retail inflation touching multi-year low in January.

The RBI projected inflation will remain below 5 per cent in the January-March quarter of this fiscal but hardening of global crude oil prices and volatility in exchange rates could put upside pressure in the next financial year.

It said inflation will be in the range of 4-4.5 per cent in the first half and 4.5-5 per cent in the second half of 2017-18.

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News Network
May 14,2024

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Jerusalem: Israel and India will continue to deepen their bilateral ties and lead to greater prosperity, Foreign Minister Israel Katz said on Tuesday.

Katz was responding to India’s External Affairs Minister S Jaishankar’s message on the occasion of Israel’s 76th Independence Day.

“Thank you for the warm wishes, FM @DrSJaishankar. In celebration of our Independence Day, Israel and India will continue to deepen our ties and lead to greater prosperity,” Katz said in a post on X.

Earlier in the morning, Jaishankar posted on X a 2:03-minute video showcasing the India-Israel relationship through photos of various bilateral meetings between Prime Minister Narendra Modi, himself, and other Indian ministers with Israel Prime Minister Benjamin Netanyahu and other ministers.

“Congratulate FM @Israel_katz and the people of Israel on the occasion of the 76th anniversary of Israel’s Independence. Mazel Tov!,” Jaishankar posted along with the video and repeated the same message in another post in Hebrew.

Meanwhile, President Droupadi Murmu wished her Israeli counterpart Isaac Herzog as she said on X, “I join the people of India in conveying our best wishes to President @Isaac_Herzog, and the people of Israel on the 76th anniversary of Israel’s independence.”

Lok Sabha speaker Om Birla too took to X to post his greetings to his counterpart Amir Ohana, the Speaker of The Knesset: “On the occasion of Israel’s 76th anniversary of independence, I congratulate Speaker of the Knesset @AmirOhana and the people of Israel.”

Both Murmu and Birla also included greetings in Hebrew.

“Thank you, my dear friend @ombirlakota. May the friendship between our nations grow stronger,” Ohana replied to Birla and also added a line in Devnagari script in Hindi, loosely translated as, “Thank you my dear friend Om Birla. May the friendship between our countries be stronger.”

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News Network
May 4,2024

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Canadian Police said they have arrested three Indians they suspect were part of the alleged hit squad that had killed Hardeep Singh Nijjar, a Sikh separatist leader involved with the Khalistan movement, which calls for an independent Sikh state.

Nijjar's killing had become the epicentre of a diplomatic row between India and Canada last year after Prime Minister Justin Trudeau alleged the role of "Indian agents" in the murder. India had rejected the charge as "absurd" and "motivated".

The three arrested Indians - Karan Brar, 22, Kamalpreet Singh, 22, Karanpreet Singh, 28 - were living as non-permanent residents in Alberta for three to five years, said Superintendent Mandeep Mooker, who leads the Integrated Homicide Investigation Team. The police have also released their photos.

They have been charged with first-degree murder and conspiracy to commit murder, showed court documents.

Police said that none of the suspects were known to them earlier and they were investigating their possible ties to the Indian government.

The murder remains "very much under active investigation," Royal Canadian Mounted Police (RCMP) Assistant Commissioner David Teboul told a press conference on Friday.

"There are separate and distinct investigations ongoing into these matters, certainly not limited to the involvement of the people arrested today, and these efforts include investigating connections to the government of India," CTV News quoted him as saying.

Nijjar, a Canadian citizen who was wanted in India on various terror charges, was shot dead outside a gurdwara in Surrey on June 18, 2023. Trudeau's charge against India sparked a massive row later that year with both countries expelling diplomats of the other country.

A fresh row erupted earlier this week after separatist slogans on 'Khalistan' were raised at an event addressed by Trudeau, prompting New Delhi to summon their Deputy High Commissioner and lodge a strong protest.

On the sidelines of the event, Trudeau told reporters that Nijjar's killing had created a "problem" that he could not have ignored.

India rejected his comment and said it once again showed Canada provides political space given to separatism, extremism, and violence. "This not only impacts India-Canada relations but also encourages a climate of violence and criminality in Canada to the detriment of its own citizens," foreign ministry spokesperson Randhir Jaiswal said.

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News Network
May 5,2024

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Maharashtra Leader of Opposition Vijay Namdevrao Wadettiwar waded into controversy after he alleged that an RSS-affiliated cop, and not terrorist Ajmal Kasab, killed former state anti-terrorism squad (ATS) chief Hemant Karkare during the 26/11 Mumbai terror attack.

In a video statement released on Saturday, the Congress leader alleged that the bullet that killed IPS officer Hemant Karkare did not come from the gun of Ajmal Kasab or any of the other nine Pakistani terrorists involved in the attacks.

Instead, he claimed it came from the weapon of a police officer allegedly "dedicated to" the Rashtriya Swayamsevak Sangh (RSS).

Wadettiwar also accused Ujjwal Nikam, the special public prosecutor in the case and a BJP Lok Sabha candidate from Mumbai North Central, of suppressing this information, labeling him a "traitor."

He questioned the BJP's decision to nominate Nikam for the Lok Sabha polls, accusing the party of protecting traitors.

“During the probe, key information was out. However, it was suppressed by Ujjwal Nikam, who is a traitor. My question is, why is BJP protecting a traitor and nominating such a person for Lok Sabha polls? By doing this, BJP is protecting traitors," Wadettiwar alleged, Times of India reported.

These allegations drew strong responses from Nikam and Deputy Chief Minister Devendra Fadnavis.

Nikam condemned Wadettiwar's statement as "baseless and irresponsible," expressing pain at the doubts raised over his integrity.

He emphasized the legal steps taken to convict Kasab, calling Wadettiwar's remarks an insult to the victims of the 26/11 attacks.

“What a reckless statement is being made. I am pained by such baseless allegations, raising doubts over my integrity. It clearly reflects the level of electoral politics. I never thought politicians will stoop to such low levels. For political gain? He (Wadettiwar) is insulting not me, but the 166 departed souls and all persons injured in the 26/11 attacks," Nikam said.

He added, “They (Congress) hold Kasab as innocent. Even Pakistan had accepted that Kasab was involved in the conspiracy and in the terror attack on India and was guilty".

He said Indians very well know the legal steps he had taken to ensure Kasab’s conviction.

Nikam said citizens of the nation would on 4 June, the day of results for Lok Sabha polls, give their reply to such allegations, adding he wished not to dignify the “desperate disinformation” with a further response.

Meanwhile, BJP leader and Deputy CM Fadnavis said, “Our alliance is with Nikam, while Congress has joined hands with Kasab".

Shiv Sena spokesperson Kiran Pawaskar said NIA should arrest Wadettiwar and ask him why he was defending Kasab.

Pawaskar criticized the Congress for allegedly supporting terrorists and expressed surprise at the silence of Shiv Sena chief Uddhav Thackeray on the matter.

“From Wadettiwar’s statement, it appears Congress is supporting terrorists who attacked Mumbai. More shocking is the fact that Sena (UBT) chief Uddhav Thackeray has maintained silence over the episode,” he said.

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