Tuesday, June 25, 2024

After retail, November WPI inflation also falls to 21-month low of 5.85%

 India’s wholesale price inflation for the month of November has declined to a 21-month low of 5.85 per cent year-on-year, down from 8.39 per cent in October, provisional data from the Commerce Ministry showed on Wednesday.
“Decline in rate of inflation in November, 2022 is primarily contributed by fall in prices of food articles, basic metals, textiles, chemicals & chemical products and paper & paper products as compared to the corresponding month of the previous year,” the ministry said in a release.
The month-on-month change in November wholesale inflation saw a contraction of 0.26 per cent as compared to 0.39 per cent growth in October. Inflation in food articles was at 2.17 per cent in November as against 8.33 per cent in October.
In the primary articles segment, the inflation was at 5.52 per cent as against 11.04 per cent in the preceding month. WPI inflation in crude petroleum and natural gas, however, increased to 48.23 per cent in November from 43.57 per cent in October.
Retail Inflation
Meanwhile, data released by the Ministry of Statistics & Programme Implementation (MoSPI) on Monday showed that retail inflation as recorded by Consumer Price Index (CPI) has also cooled to an 11-month low of 5.88 per cent year-on-year in November, down from 6.77 per cent in October this year.
While the November retail inflation was below the Reserve Bank of India’s tolerance level of 6 per cent, it is more than 4.91 per cent in the same period last year.

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