The January WPI print is also lower than the 0.6% forecast by a Bloomberg poll of economists.
While January 2024 is the third consecutive month of growth in wholesale inflation after contracting for seven consecutive months, a month-on-month analysis shows a different picture.
In sequential terms, WPI contracted in January 2024, making it the second consecutive month of sequential contraction. This shows that prices are actually falling in the economy and the annual growth in WPI is just on account of a base effect. To be sure, the extent of monthly contraction has come down from 1% in December 2023 to 0.3% in January 2024.
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