WPI inflation eases to almost 2-year low in December
1 min read . Updated: 16 Jan 2023, 01:06 PM IST
Premium- Wholesale price index (WPI) inflation for the month of December 2022 eased to 4.95%
India's annual wholesale price index (WPI) inflation for the month of December 2022 eased to 4.95%, at a 22-month low, mainly due to fall in prices of food articles and crude petroleum, the government data showed on Monday. The Wholesale Price Index (WPI)-based inflation was 5.85% in November 2022 and 14.27% in December 2021.
“The decline in the rate of inflation in December 2022 is primarily contributed by fall in prices of food articles, mineral oils, crude petroleum & natural gas, food products, textiles and chemicals & chemical products," the commerce and industry ministry said in a statement. The WPI Inflation slipped below 5% for the first time since February 2021, when it was at 4.83%.
Inflation in food articles was (-)1.25 per cent, while in fuel and power it was 18.09% during December 2022. Inflation in manufactured products was 3.37% during the month under review. Food index rose 0.65% in December, with prices of vegetables falling nearly 36% year-on-year. In November, the food index rose 2.17%.
Last week, data showed that India's retail inflation rate eased down edged down from the previous month, staying within the Reserve Bank of India's (RBI) comfort range of 2%-6% for a second month. The RBI mainly looks at retail inflation to frame monetary policy. The Consumer Price Index (CPI)-based inflation rate eased to 5.72% in December. It was 5.88% in November, and 6.77% in October 2022.
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