The wholesale price-based inflation declined to 4.95 per cent in December 2022 year-on-year (YoY), mainly on the back of fall in prices of food articles and crude petroleum.
The Wholesale Price Index (WPI)-based inflation was 5.85 per cent in November 2022 and 14.27 per cent in December 2021. The month over month change in WPI for the month of December stood at (-)1.12 per cent as compared to November.
Inflation in food articles was (-) 1.25 per cent, while in fuel and power it was 18.09 per cent during December 2022. Inflation in manufactured products was 3.37 per cent during the month, the commerce and industry ministry said in a statement.
The decline in the rate of inflation in December 2022 is primarily contributed by fall in prices of food articles, mineral oils, crude petroleum and natural gas, food products, textiles and chemicals and chemical products.
“The increase in price is mainly contributed by other manufacturing; printing and reproduction of recorded media; electrical equipment; other non-metallic mineral products; furniture and beverages etc. Some of the groups that have witnessed decrease in prices are food products; textiles; chemicals and chemical products; basic metals; paper and paper products; motor vehicles, trailers and semi-trailers etc. in December, 2022 as compared to November, 2022,” the ministry said.
The rate of inflation based on WPI. Food Index decreased from 2.17 per cent in November, 2022 to 0.65 per cent in December. The prices of non-food articles and minerals increased in December. While the prices of food articles and crude petroleum and natural gas declined.
