Declining for the eighth consecutive month, India’s Wholesale Price Index (WPI)-based inflation has further eased to a 24-month low of 4.73 per cent in January 2023, against 4.95 per cent in December 2022. The WPI inflation in January eased on account of cheaper manufactured items, fuel and power.
“Decline in the rate of inflation in January 2023 is primarily contributed by mineral oils, chemicals & chemical products, textiles, crude petroleum & natural gas, textiles, and food products,” the commerce and industry ministry said in a statement.
Inflation in food articles, however, rose to 2.38 per cent in January, from (-) 1.25 per cent in December 2022. In fuel and power, the inflation was 15.15 per cent during January 2023. Inflation in manufactured products was 2.99 per cent during the month, according to the latest data from the commerce and industry ministry.
Inflation in pulses was 2.41 per cent, while in vegetables was (-) 26.48 per cent. Inflation in oil seeds was (-) 4.22 per cent in January, 2023. Fuel and power basket inflation eased to 15.15 per cent, from 18.09 per cent in December 2022. In Manufactured products it was 2.99 per cent, against 3.37 per cent in December, 2022.
However, in contrast to this, according to the latest CPI data released on Monday, the country’s retail inflation jumped to a three-month high of 6.52 per cent in January 2023, mainly due to costlier food and fuel. In December 2022, the Consumer Price Index (CPI)-based inflation had eased to 5.72 per cent. In November 2022, it had fallen to 5.88 per cent. The retail inflation came under the RBI’s 2-6 per cent band in November with 5.88 per cent rate after remaining beyond it for 10 months consecutively.
In its monetary policy review last week, the RBI had hiked policy rates by 25 basis points to 6.50 per cent saying core inflation still remains sticky.
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