Wholesale Price Inflation (WPI) stood at 8.39 per cent in October against 10.7 per cent in September this year, a decline of over 2 per cent. The decline in WPI inflation in the month of October can be attributed to a drop in the price of mineral oils, basic metals, fabricated metal products (except machinery and equipment), textiles, other non-metallic products, minerals, etc., according to the Commerce and Industry Ministry release.
The release stated, "Decline in the rate of inflation in October 2022 is primarily contributed by fall in the price of mineral oils, basic metals, fabricated metal products, except machinery and equipment; textiles; other non-metallic mineral products; minerals, etc."
Food-based inflation stood at 6.48 per cent in the same period versus 8.08 per cent in September. This comprises commodities like cereals (12.03 per cent), paddy (6.63 per cent), wheat (16.25 per cent), pulses (0.45 per cent), vegetables (17.61 per cent), potato (44.97 per cent), onion (-30.02 per cent), fruits (0.23 per cent), milk (5.53 per cent) and eggs, meat, and fish (3.97 per cent).
The release read, "The Food Index consisting of 'Food Articles' from Primary Articles group and 'Food Product' from manufactured products group have increased from 175.2 in September 2022 to 177.5 in October. The rate of inflation based on the WPI food index decreased from 8.08 per cent in September 2022 to 6.48 per cent in October 2022."
Some other groups that saw a decline in prices in October are other non-metallic mineral products, motor vehicles, trailers, and semi-trailers.
Meanwhile, the index of industrial production (IIP) saw a growth of 3.1 per cent in September, according to official data released by the National Statistical Office (NSO) on Friday. As per this data, the manufacturing sector’s output grew by 1.8 per cent in the same period. Mining output and power generation saw a rise of 4.6 per cent and 11.6 per cent during the month.
NSE Nifty stands below 18,350 whereas BSE Sensex is at 61,613.43 at the time of writing this story.
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