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India's wholesale prices climbed in December supported by stronger inflation in non-food products. The annual rate of inflation, based on monthly WPI, stood at 3.39 percent (provisional) for the month of December, 2016 (over December, 2015) as compared to 3.15 percent (provisional) for the previous month and -1.06 percent during the corresponding month of the previous year, showed GoI, Ministry of Commerce & Industry.
Build up inflation rate in the financial year so far was 4.28 percent compared to a build up rate of 0.40 percent in the corresponding period of the previous year.
Markets remain focused on the upcoming Union Budget, the 2017-18 Union Budget, expected to be unveiled by February 1 is likely to incorporate a slash in the income tax bracket as well, allowing consumers to combat the negative effects of demonetization. The policy implementation is expected to boost consumer spending, allowing door for some recovery in inflation expectations.
Meanwhile, the 30-share benchmark Sensex traded 0.28 percent higher at 27,314.59, while the 50-share benchmark Nifty futures traded 0.23 percent or 20.65 points higher at 8,420.45 by 08:25 GMT.
Also, the yield on the benchmark 10-year bonds, which moves inversely to its price, rose nearly over 2 basis points to 6.44 percent.
