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Wholesale Price Index (WPI) for India: According to data issued by the Ministry of Commerce & Industry, India's wholesale inflation, as measured by the wholesale pricing index (WPI), decreased to a 21-month low of 5.85 % in November from 8.39 % in September.
For the second consecutive month, the WPI was below the double-digit threshold. Prior to it, from April 2021 to September 2022, the WPI print was over the double-digit threshold for 18 consecutive months.
The wholesale inflation rate for last month was at its lowest point since February 2021, when it was 4.83 %. According to the data, the WPI for the month of September was changed from 10.70% to 10.55%. In November 2021, the WPI was 14.87%.
In November 2022 when compared to October 2022, prices for minerals climbed by 5.98%, crude oil, and natural gas prices increased by 0.29 %, and non-food items saw an increase of 0.18 %.
When compared to October 2022, the price of food articles fell (3.07%) in November 2022.
The manufactured products inflation which accounts for almost 66% of weightage in the WPI Index dropped by 0.28% from the last month to 3.59 % in the current month.
Based on the WPI Food Index, the rate of inflation declined from 6.48% in October 2022 to 2.17% in November 2022.
“Decline in the rate of inflation in November 2022 is primarily contributed by fall in prices of food articles, basic metals, textiles, chemicals & chemical products and paper & paper products as compared to the corresponding month of the previous year,” the commerce ministry release said.
Article by Gautam Mahapatro
