Image Courtesy: Mint
According to official statistics released on Monday, India’s annual wholesale price index (WPI) inflation for the month of December 2022 decreased to 4.95%, a 22-month low, mostly as a result of lower costs for food items and crude oil. Inflation measured by the Wholesale Price Index (WPI) was 5.85% in November 2022 and 14.27% in December 2021.
According to a statement from the commerce and industry ministry, “the decline in the rate of inflation in December 2022 is primarily contributed by fall in the prices of food articles, mineral oils, crude petroleum & natural gas, food products, textiles, and chemicals & chemical products.” For the first time since February 2021, the WPI Inflation rate dropped below 5%.
In December 2022, the inflation rate for food items was (-)1.25% while it was 18.09% for gasoline and electricity. The rate of inflation for manufactured goods was 3.37% in the month under consideration.