The wholesale price index (WPI) inflation fell to 3.85 per cent in February 2023 from 4.73 per cent in January 2023. WPI inflation saw a nearly 10 per cent drop on a yearly basis as it stood at 13.43 per cent in February last year. The fall in the rate of inflation can be attributed to a fall in prices of crude petroleum and natural gas, non-food articles, food products, minerals, computer, electronic and optical products, chemicals and chemical products, electrical equipment and motor vehicles, trailers, and semi-trailers, stated the Ministry of Commerce and Industry in a release dated March 14.
As per this release, food-based WPI inflation stood at 3.81 per cent in last month compared to 2.38 per cent in January this year. During the same period, inflation in wheat came at 18.54 per cent whereas inflation in cereals stood at 13.95 per cent. Inflation in paddy, fruits, milk and eggs, meat and fish stood at 8.60 per cent, 7.02 per cent, 10.33 per cent, and 1.49 per cent respectively.
While inflation in vegetables came in at -21.53 per cent in February, inflation in potatoes and onions came in at -14.30 per cent and -40.14 per cent, respectively.
The food-based WPI inflation stood at 8.19 per cent in February 2022. The release read, "The Food Index consisting of 'Food Articles' from Primary Articles group and 'Food Product' from Manufactured Products group have increased from 171.2 in January 2023 to 171.3 in February 2023. The rate of inflation based on WPI food index decreased from 2.95 per cent in January 2023 to 2.76 per cent in February, 2023."
Meanwhile, India's retail inflation eased slightly to 6.44 per cent in last month as against 6.52 per cent in January this year. Retail inflation is still higher than the Reserve Bank of India's (RBI) upper limit of 6 per cent for the second consecutive month. Rise in food prices went down from 6 per cent in January to 5.95 per cent in February mostly due to easing international prices and government's efforts to shore up wheat supplies.
Also read: Income Tax Dept investigates Cipla on potential tax violations: Report
Also read: Air India partners with Salesforce to digitise contact centre operations
Copyright©2023 Living Media India Limited. For reprint rights: Syndications Today