Inflation hits 21-month low of 5.85% Will work to bring it down further : FM

PNS|New Delhi

The wholesale price-based inflation fell to a 21-month low of 5.85 per cent in November as prices of food, fuel and manufactured items softened.

The WPI (wholesale price index) based inflation has been on a declining trend since May and came down to single digit in October at 8.39 per cent.

Experts said a high base of last year and some easing in food prices also worked in favour of the November 2022 wholesale price index coming in at its lowest level since February 2021 when it was 4.83 per cent.”Decline in the 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 commerce and industry ministry said on Wednesday.

Finance minister Nirmala Sitharaman told Parliament that the government will work for the common man to further bring down inflation.

“Inflation management or control… Prime Minister Modi and his group of ministers and officers are (making) periodic interventions and taking measures as a result of which we find the results coming in,” Sitharaman said while replying to supplementary demands for grants for 2022-23 fiscal in the Lok Sabha.

Inflation in food articles in November was 1.07 per cent against 8.33 per cent in the previous month.Inflation in vegetables was (-)20.08 per cent during the month compared to 17.61 per cent in October.

Bank of Baroda in a research note said WPI inflation continued to moderate in November with the base effect working in favour of lower numbers.

Within food, prices of fruits, vegetables, especially tomato and potato, dragged down the prices. However, there is an uptick in prices of wheat, pulses and milk products.