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India's wholesale inflation cools to 2.6% YoY in September led by food

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India's wholesale inflation grew at 2.6 percent during September, lower from 3.24 percent in August, led by a major fall in the inflation rate of food, besides fuel products.

Wholesale inflation rate, measured by WPI, is a marker for price movements in bulk buys for traders and broadly mirrors trends in shop-end prices.

Latest price data released by the commerce ministry on Monday showed that food prices as measured by the food inflation index fell to 1.99 percent from 4.41 percent a month ago. Prices of vegetables dropped to 15.48 percent, from 44.91 percent a month ago.

Fuel and power inflation stood at 9.01 percent, compared to 9.99 percent.

Primary articles, which accounts for more than a fifth of the entire wholesale price index fell sharply to 0.15 percent in September from 2.66 percent in August.

Prices of non-food articles fell 0.2 percent, compared with a decline of 3.6 percent in August.

On Thursday, data released by the government showed that retail inflation remained flat at 3.28 percent in September, as food prices remained steady, while fuel and housing prices witnessing modest growth during the month.

Factory output grew sharply at 4.3 percent in August, highest in nine months, showing signs of recovery, aided by an expansion in the manufacturing sector.

Earlier in the month, the central bank’s Monetary Policy Committee (MPC) forecast that retail inflation will hover around 4.2-4.6 percent between October-March this year, higher than the previous projection of 4-4.5 percent. The inflation rate is still below the apex bank's medium-term target of 4 percent.