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Inflation in India is estimated on the basis of fluctuations in the wholesale price index (WPI). Zooming inflation that the country witnessed in the first quarter of the current fiscal 2008-09 and beyond - from 7.7 per cent at end-March 2008 to 11.9 per cent by July 12, 2008- can be attributed to the impact of higher international crude oil prices to domestic prices as well as continued increase in the prices of iron and steel, basic heavy inorganic chemicals, machinery and machinery tools, oilseeds/edible oils/oil cakes and raw cotton on account of strong demand, international commodity price pressures and lower domestic 2007-08 rabi production of oilseeds. The seasonal hardening of vegetables prices as well as increase in the prices of textiles have also contributed to the rising inflation during 2008-09 so far.
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Current inflation in India is a bit volatile. However, given different estimated values of commonly understood inflation in India, the Wholesale Price Index for all commodities is 156.8 for the month of October 2011 with a base of 2004-05=100. Inflation is the rate of change over any reference period. So, If we compare the figure with October 2010, the inflation is around 9.5 percent. However, wholesale price index (WPI) is not the only indicator to understand inflation. There are other indicators such as Consumer Price Index (CPI). Even within WPI and CPI there are also divisions for different groups of population. In India, for such subgroups inflation is measured by finding the rate of change in such indices for groups like agricultural labourers, urban non-manual employees, Industrial workers and so on. For a detailed description on inflation in Indian context, one may refer to the link <http://lokkatha.com/150/index.php/economics/55-inflation-a-price-rise-in-essential-commodities-a-consumers-perspective> Inflation & Price Rise in Essential Commodities: A Consumer's Perspective
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