Overview of the United Kingdom’s Wholesale Price Index
The United Kingdom’s wholesale price index hit 106 in 2019. The index decreased by 0.2% on a year-on-year basis in 2019. The wholesale price index of the United Kingdom has been fluctuating in the last decades, with the index declining from 105 points in 2011 to 106 points in 2019, keeping the base year 2010 at 100.
Wholesale Price Index Overview
The Wholesale price index (WPI) is “the price of a representative basket of goods. The wholesale price index refers to a mix of agricultural and industrial goods at various stages of production and distribution, including import duties. The Wholesale Price Index tracks changes in wholesalers' selling prices. The impact on consumer inflation increases as this number rises. The index is generated using consecutive price changes for the total output of items and has a base value of 100.
While the WPI focuses on the wholesale level, the concept of CPI focuses on the retail level. The two most useful and widely used metrics used to assess market inflation in a country are the wholesale price index and the consumer price index.
Key Elements Influenced by the Wholesale Price Index
Rising Inflation:
The inflation rates at both the retail and wholesale levels reflect high food, fuel, and commodity costs. Rising inflation leads to an increase in living expenses over time. Price increase could be a sign of an economy that is growing at a high rate.
Fiscal and Monetary Policies:
Both monetary and fiscal policies are used to regulate economic activity. Changes to these policies have an impact on the economy of the nation by changing the flow and supply of commodities.
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