Wholesale inflation slips to 2-year low of 4.73%
Rates of mineral oils, chemicals and chemical products, textiles, crude petroleum and natural gas, textiles and food products decline in Jan
image for illustrative purpose
New Delhi: The wholesale price-based inflation declined to 2-year low of 4.73 per cent in January on easing prices of manufactured items, fuel and power, even though food articles turned expensive. This is the eight straight month of decline in the rate of wholesale price-index (WPI) based inflation. It was 4.95 per cent in December 2022 and 13.68 per cent in January last year. "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 on Tuesday.
The decline in the rate of price rise was mainly due to a favourable base effect, economists said, adding that going forward, softening commodity prices would help ease WPI inflation further. Although inflation in manufactured items softened, in the case of food articles it rose to 2.38 per cent in January, from (-) 1.25 per cent in December 2022.
