shot-button
Maharashtra Elections 2024 Maharashtra Elections 2024
Home > News > India News > Article > India reports single digit wholesale inflation after 18 months

India reports single-digit wholesale inflation after 18 months

Updated on: 14 November,2022 02:28 PM IST  |  New Delhi
ANI |

Notably, the wholesale price index (WPI)-based inflation had been in double digits for 18 months in a row till September

India reports single-digit wholesale inflation after 18 months

Representative image

India's retail inflation fell to 8.39 per cent in October, against 10.70 per cent recorded in September 2022.


Notably, the wholesale price index (WPI)-based inflation had been in double digits for 18 months in a row till September.


According to the statement from the ministry of commerce and industry, the decline in the rate of inflation in October is primarily contributed by a fall in the price of mineral oils, basic metals, fabricated metal products, except machinery and equipment; textiles; other non-metallic mineral products; minerals, etc.


The month-over-month change in the wholesale priced index (WPI) -- inflation -- for the month of October 2022 stood at 0.26 per cent, against September 2022.

The index for major group primary articles increased by 2.72 per cent to 181 in October from 176.2 for the month of September. Prices of crude petroleum & natural gas went up 17.48 per cent and food articles grew 2.03 per cent in October as compared to September. Prices of non-food articles declined 0.53 per cent and minerals dropped 3.78 per cent in October, 2022 as compared to September 2022.

Also read: RBI to launch first pilot of Digital Rupee on Tuesday

In fuel and power group, the index declined by 1.65 per cent to 155.2 in October 2022 from 157.8 in September. Prices of coal rose 2.60 per cent in October 2022, against September 2022. Prices of mineral oils dropped 3.09 per cent in October as compared to September 2022. Prices of electricity remain unchanged.

India's retail inflation surged to 7.41 per cent in September, remaining above the mandated range of 2-6 per cent for the third consecutive quarter.

Under the flexible inflation targeting framework introduced in 2016, the RBI is deemed to have failed in managing price rises if the consumer price index (CPI)-based inflation is outside the 2-6 per cent range for three quarters in a row.

Against this backdrop, an out-of-turn meeting of the Monetary Policy Committee (MPC) of the Reserve Bank of India was held on November 3 to discuss and draft the report to be sent to the central government for having failed in maintaining the inflation mandate

This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever.

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!

Register for FREE
to continue reading !

This is not a paywall.
However, your registration helps us understand your preferences better and enables us to provide insightful and credible journalism for all our readers.

Mid-Day Web Stories

Mid-Day Web Stories

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK