edited by: Mohammad Haris
Last Update: January 16, 2023, 12:35 IST
Inflation in food articles during December 2022 was (-)1.25 per cent, while it was 18.09 per cent in fuel and power. (Photo: News18/File)
The decline in inflation in December 2022 is mainly contributed by the fall in prices of food articles, mineral oils, crude petroleum and natural gas and food products.
After falling to a 21-month low of 5.85 per cent in November, India’s wholesale inflation is set to fall further to 4.95 per cent in December 2022. The moderation in inflation is on account of fall in prices of food articles and crude petroleum.
Wholesale Price Index (WPI) based inflation stood at 14.27 per cent in December 2021.
Inflation in food articles stood at (-)1.25 per cent, while in fuel and power it stood at 18.09 per cent during December 2022, the commerce and industry ministry said in a statement. Inflation in manufactured products stood at 3.37 per cent.
“The decline in rate of inflation in December 2022 is mainly contributed by decline in prices of food articles, mineral oils, crude petroleum and natural gas, food products, textiles and chemicals and chemical products,” it said.
According to the latest data released recently, the retail inflation rate also declined to a one-year low of 5.72 per cent in December 2022, mainly due to softening food prices. Besides, it was within the Reserve Bank of India’s (RBI) comfortable range of 2 per cent-6 per cent for the second month in a row.
The inflation rate based on the Consumer Price Index (CPI) declined to 5.72 per cent in December. It was 5.88 percent in November and 6.77 percent in October 2022.
After remaining above the Reserve Bank of India’s upper tolerance limit of 6 per cent through January 2022, retail inflation eased to 5.88 per cent in November and 5.72 per cent in December – its lowest level in a year.
(With inputs from PTI)
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