The annual rate of inflation based on the all-India Wholesale Price Index (WPI) number fell to 4.73% (Provisional) for January 2023 (over January 2022) against the 4.95% recorded in December 2022. The Commerce Ministry said that the decline in the rate of inflation is primarily attributed to mineral oils, chemicals & chemical products, textiles, crude petroleum & natural gas, textiles, and food products. The month-over-month change in WPI for January 2023 stood at 0.13 % compared to December 2022.
- The index for the primary articles group grew by 0.93% to 174.0 (provisional) in January 2023 from 172.4 (provisional) in 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. Crude Petroleum & Natural Gas prices declined by 0.85% in January 2023 compared to December 2022.
- Fuel & Power declined by 1.39% to 155.8 (provisional) in January 2023 from 158.0 (provisional) in December 2022. Prices of Mineral Oils declined by 2.13% in January 2023 compared to December 2022.
- The index for manufactured products increased by 0.14% to 141.3 (provisional) in January 2023 from 141.1 (provisional) for December 2022. Out of the 22 NIC two-digit groups for Manufactured products, 12 groups have witnessed an increase in prices, while ten groups have witnessed a decrease in prices. The price rise is mainly attributed to essential metals; tobacco products; electrical equipment; computer, electronic & optical products; motor vehicles, trailers & semi-trailers; other transport equipment; printing & reproduction of recorded media. Some groups that have witnessed a decrease in prices are other manufacturing; textiles; chemical & chemical products; fabricated metal products except machinery & equipment; rubber & plastic products, wearing apparel, in January 2023 compared to December 2022.
- The Food Index consisting of ‘Food Articles’ from the Primary Articles group and ‘Food Product’ from the Manufactured Products group has increased from 170.3 in December 2022 to 171.2 in January 2023. The rate of inflation based on WPI Food Index rose from 0.65% in December 2022 to 2.95% in January 2023.