WPI Based Annual Inflation Down To 4.73 Per Cent

The inflation based on Wholesale Price Index (WPI) has come down to 4.73 per cent for the month of January, 2023 against 4.95 per cent recorded in December, 2022.

Decline in the rate of inflation in January, 2023 is primarily contributed by mineral oils, chemicals & chemical products, textiles, crude petroleum & natural gas, textiles, and food products.

According to the ministry, the index for primary articles increased by 0.93 per cent to 174.0 (provisional) in January, 2023 from 172.4 (provisional) for the month of December, 2022.

Prices of Minerals (2.62%), Non-food Articles (1.58%) and Food Articles (0.92%) increased in January, 2023 as compared to December, 2022. Prices of Crude Petroleum & Natural Gas declined by 0.85% in January, 2023 as compared to December, 2022.

The index for fuel and power group declined by 1.39 per cent to 155.8 (provisional) in January, 2023 from 158.0 (provisional) for the month of December, 2022. Prices of Mineral Oils declined by 2.13 per cent in January, 2023 as compared to December, 2022.

The Food Index consisting of ‘Food Articles’ from Primary Articles group and ‘Food Product’ from Manufactured Products group have increased from 170.3 in December, 2022 to 171.2 in January, 2023.

The rate of inflation based on WPI Food Index increased from 0.65% in December, 2022 to 2.95% in January, 2023.

Index for manufacturing product increased by 0.14% to 141.3 (provisional) in January, 2023 from 141.1 (provisional) for the month of December, 2022. Out of the 22 NIC two-digit groups for Manufactured products, 12 groups have witnessed increase in prices while 10 groups have witnessed a decrease in prices.

For the month of November, 2022 the final Wholesale Price Index and inflation rate for 'All Commodities' stood at 152.5 and 6.12% respectively.  

The WPI for January, 2023 have been compiled at a weighted response rate of 84.2 per cent, while the final figure for November, 2022 is based on the weighted response rate of 93.5 per cent. The provisional figures of WPI will undergo revision as per the revision policy of WPI.