India’s annual wholesale price-based inflation (WPI) eased in October to 8.39 per cent year-on-year, the lowest since March 2021, helped by a fall in commodity prices, government data showed on Monday.
“Decline in the rate of inflation in October, 2022 is primarily contributed by fall in the price of mineral oils, basic metals, fabricated metal products, except machinery and equipment, textiles, other non-metallic mineral products, minerals etc,” the official press release by the Ministry of Commerce and Industry said.
The food inflation has decreased from 8.08 per cent in September to 6.48 per cent in October. The index for manufactured products saw a decline of 0.42 per cent month-on-month (MoM) and the inflation in fuel and power category saw a fall of 1.65 per cent.
“Some of the groups that have witnessed decrease in prices are basic metals, fabricated metal products, except machinery and equipment, textiles; other non-metallic mineral products, motor vehicles, trailers and semi-trailers in October, 2022 as compared to September, 2022,” the release said.
In the group of primary articles, however, the inflation rose by 2.42 per cent.
The October WPI inflation was lower than the Reuters forecast of 8.70 per cent and 10.70 per cent recorded in the previous month.
The wholesale inflation has eased below the double digit mark for the first time since March 2021 when it was at 7.89 per cent.
The October WPI inflation was lower than the Reuters forecast of 8.70 per cent and 10.70 per cent recorded in the previous month.
(With inputs from Reuters)
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