India's wholesale inflation eases to 21-month low of 5.85% in November
New Delhi, December 14, 2022
India's annual rate of inflation, based on the Wholesale Price Index (WPI), eased to 5.85 per cent for November 2022 as compared to the same month of the previous year, the lowest in 21 months, provisional data released today showed.
The rate of inflation was 8.39% in October 2022 and the Ministry of Commerce & Industry attributed the fall primarily to lower 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 month over month change in WPI index for the month of November, 2022 (152.1) stood at (-) 0.26% as compared to October, 2022 (152.5).
A press release from the Ministry said the index for Primary Articles, which have a weight of 22.62% in the WPI, declined by 1.82% to 177.7 in November from 181.0 for October.
Prices of Minerals (5.98%), Crude Petroleum & Natural Gas (0.29%) and Non-food Articles (0.18%) increased in November as compared to October. Prices of Food Articles (3.07%) declined in November as compared to October.
The index for Fuel & Power (weight 13.15%) increased by 2.84% to 159.6 in November, 2022 from 155.2 for October.
Prices of Mineral Oils (3.61%) and Electricity (2.42%) increased in November as compared to October.
The index for Manufactured Products (weight 64.23%) declined by 0.28% to 141.5 in November from 141.9 for October.
Out of the 22 groups for Manufactured products, 11 groups witnessed increase in prices while 10 groups saw a decrease in prices.
The increase in price is mainly contributed by food products; fabricated metal products, except machinery and equipment; other manufacturing; other non-metallic mineral products; machinery and equipment, and so on. Some of the groups that have witnessed decrease in prices are basic metals; textiles; chemicals and chemical products; paper and paper products; rubber and plastics products.
The WPI Food Index (weight 24.38) consisting of Food Articles from Primary Articles group and Food Products from Manufactured Products group decreased from 177.5 in October to 174.3 in November. The rate of inflation based on WPI Food Index decreased from 6.48% in October to 2.17% in November.
For the month of September, 2022 the final Wholesale Price Index and inflation rate for 'All Commodities' (Base: 2011-12=100) stood at 151.9 and 10.55%, respectively, the release added.