India’s annual wholesale price index (WPI) inflation reduced to 8.39% year-on-year in October 2022, to come in single digits and the lowest since March 2021, thanks to the reduction in commodity prices.
The WPI came in double digits for 18 consecutive months from April 2021 till September 2022. The inflation last month was lower than the 10.70% recorded in the previous month of September. This is the first time in 19 months that WPI inflation has come in single digit, last recorded at 7.89% in March 2021.
In its statement issued on Monday, the Ministry of Commerce and Industry credited the decline in inflation to the fall in the price of mineral oils, basic metals, fabricated metal products, except machinery and equipment; textiles; other non-metallic mineral products; minerals, and other commodities.
The ministry shared that the inflation in food articles in October stood at 8.33%, lower that 11.03% witnessed in September 2022. Inflation in vegetables was at 17.61% during the month, against 39.66% in September. In the category of Fuel and Power, inflation was 23.17%. In the case of manufactured products, it was recorded to be 4.42% during October.