November 22, 2024 21:26 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Centre to send over 10,000 additional soldiers to violence-hit Manipur amid fresh violence | Chhattisgarh: 10 Maoists killed during encounter with security forces in Sukma | Baba Siddique murder case: Arrested Akashdeep Gill used a labourer's hotspot to evade tracking, say police | Donald Trump picks 'smart and tough' Pam Bondi as new US Attorney General after Matt Gaetz withdraws | Canadian government denies media report that claims PM Modi knew of Khalistani leader Nijjar's killing
India's wholesale inflation drops to 5.85% in November
Inflation
Image Credit: UNI

India's wholesale inflation drops to 5.85% in November

| @indiablooms | 14 Dec 2022, 02:30 pm

New Delhi/UNI: India's wholesale inflation eased further to 5.85% in Nov 2022 as against 8.39% recorded in the previous month, according to official data released on Wednesday.

"Decline in 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," said the press release from Ministry of Commerce and Industry.

After remaining in double-digit for almost 19 months, the wholesale price index (WPI)-based inflation had come in single-digit in October driven by all three broad segments namely primary articles, fuel & power and manufactured products.

The WPI captures the average movement of wholesale prices of goods and is primarily used as a GDP deflator. It reckons only basic prices and does not include taxes, rebate/trade discounts, transport and other charges.

India's retail inflation measured by consumer price index (CPI) has also softened falling to an 11-month low of 5.88% in Nov 2022 primarily on the back of decline in food and vegetable prices.

High inflation has been one of the major concerns of the government and the Reserve Bank of India (RBI).

The central bank has been raising policy repo rate since May this year to contain price rise

After remaining elevated for months, both CPI and WPI inflation have now fallen below 6 per cent.

"The fall in commodity and food prices are the major reasons for the WPI cooling off. This data is also in line with the CPI inflation released earlier this week.

"The fall in WPI inflation needs to be consistent and durable for the policymakers to take note of it and change their view and soften their stance on it," said Raheel Shah, Director at BDR Pharmaceuticals.

WPI cooling off will percolate well in terms of ease in the prices of industrial goods, he added.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.