After declining to a 21-month low of 5.85 per cent in November, India’s wholesale inflation further fell to 4.95 per cent in December 2022. The easing in inflation is due to a fall in prices of food articles and crude petroleum.
The Wholesale Price Index (WPI)-based inflation had stood at 14.27 per cent in December 2021.
Inflation in food articles was (-)1.25 per cent, while in fuel and power it was 18.09 per cent during December 2022. Inflation in manufactured products was 3.37 per cent during the month, the commerce and industry ministry said in a statement.
“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,” it said.
According to the latest data released recently, retail inflation also declined to a one-year low of 5.72 per cent in December 2022, mainly due to softening prices of food items. Also, it was well within the Reserve Bank of India’s (RBI) comfort range of 2 per cent-6 per cent for a second month.
The Consumer Price Index (CPI)-based inflation rate eased to 5.72 per cent in December. It was 5.88 per cent in November, and 6.77 per cent in October 2022.
After remaining above the Reserve Bank of India’s upper tolerance threshold of 6 per cent since January 2022, retail inflation declined in November to 5.88 per cent and further in December to 5.72 per cent — its lowest level in one year.
(With Inputs From PTI)
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