India's wholesale inflation surges to 14.23 pct in November

India's annual wholesale inflation rate surged to 14.23 percent in November, showed data released by the ministry of commerce and industry on Tuesday.

"The annual rate of inflation is 14.23 percent (provisional) for the month of November 2021 as compared to 2.29 percent in November 2020," a statement issued by the ministry said.

It noted that the high rate of inflation is primarily due to rise in prices of mineral oils, basic metals, crude petroleum and natural gas, chemicals and chemical products, food products and more.

In October, the wholesale price inflation was recorded at 12.54 percent.

The wholesale price index (WPI) inflation, an indicator of prices in the wholesale market, fluctuates mainly due to changes in commodity prices globally.

The WPI Food Index in November rose to 6.70 percent from 3.06 percent in October.

The index for the manufactured products group increased by 0.89 percent to 136.1 provisionally in November, while that for primary articles rose by 5.57 percent to 168.6 provisionally.

The index for fuel and power went up by 5.61 percent to 131.7 provisionally in the same period.

On Monday, retail or consumer price-based inflation for November rose to 4.91 percent on the back of higher vegetable prices, the official data showed.