Monday, June 17, 2024

Wholesale inflation falls to 21-month low of 5.85% in Nov, FM gives credit to PM

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The wholesale price index (WPI) based inflation fell to a 21-month low of 5.85 per cent in November on account of low prices of food. Reacting to the fall in WPI inflation, Finance Minister Nirmala Sitharaman said in Lok Sabha that due to periodic interventions by Prime Minister Narendra Modi, it had come down along with food inflation.

According to official data, the fall in WPI inflation was in sharp contrast to 14.87 per cent level, which it had touched during the corresponding period of last year. Compared to October 2022, when wholesale inflation was 8.39 per cent, the November WPI inflation figures are quite low at 5.85 per cent. Fall in food items prices and of manufactured items and fuel, led to WPI inflation coming down in November 2022.

Inflation in food articles in November was 1.07 per cent against 8.33 per cent in the previous month. “Decline in the rate of inflation in November 2022, is primarily contributed by fall in prices of food articles, basic metals, textiles, chemicals and chemical products and paper & paper products as compared to the corresponding month of the previous year,” the Commerce Ministry said on Wednesday.

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