New Delhi: Data released by the Union Commerce and Industry Ministry revealed that the wholesale price based inflation in the country has touched 2-year low in February. The wholesale price based inflation is easing for the ninth month in a row. The wholesale price index (WPI) based inflation in last month was at 3.58%. It was at 4.73% in January this year and 13.43% in February 2022.
The easing prices of manufactured items and fuel and power is the main reason behind the falling of inflation. ‘Decline in the rate of inflation in February 2023 is primarily contributed by fall in prices of crude petroleum & natural gas, non-food articles, food products, minerals, computer, electronic & optical products, chemicals & chemical products, electrical equipment and motor vehicles, trailers & semi-trailers,’ said the ministry.
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Inflation in food articles, however, rose to 3.81% in February. It was at 2.38% in January. Inflation in pulses was 2.59%, while in vegetables was (-)21.53%. Inflation in oil seeds was (-)7.38% in February 2023.Fuel and power basket inflation eased to 14.82% from 15.15% in the preceding month. In manufactured products it was 1.94%, against 2.99% in January.
Wholesale Price Index (WPI) is a measure of the average change in the price of goods at a wholesale level or in the wholesale market. Consumer Price Index (CPI) is a price index that calculates price changes of goods and services that a consumer has to pay in the retail market. The monetary police of Reserve Bank of India is made after reviewing the CPI.
Consumer price index based retail inflation declined to 6.44% in February from 6.52% in January.
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