Wholesale inflation firmed up to nine-month high of 1.6% in November 2020 compared with 0.6% in November 2019 and 1.5% in the previous month.

We had estimated wholesale inflation at 1.8% for the month. Wholesale inflation has been registering a gradual pick-up in the last five months reflective of improvement in the pricing power of the manufacturers.

The build-up in wholesale inflation for the month can be ascribed to inflation in the manufacturing basket (weight of almost two-third in the WPI basket) which has risen to a near two-year high.

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