This is also the first time in 19 months that WPI inflation has fallen to single digits, after staying above 10 per cent for the last one-and-a-half years
India’s wholesale inflation eased to 8.39 per cent in October from 10.70 per cent in September, according to data released by the Ministry of Commerce & Industry on Monday.
This is also the first time in 19 months that WPI inflation has fallen to single digits, after staying above 10 per cent for the last one-and-a-half years.
“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.,” an official statement read.
From 8.08 per cent in September to 6.48 per cent in October, the inflation rate for food has also declined. The manufactured goods index fell by 0.42 per cent month over month (MoM), and the inflation rate for gasoline and power fell by 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 press release stated.”