India’s wholesale inflation rate, based on the All India Wholesale Index (WPI), eased to 5.85% for the month of November, 2022 (over November, 2021) against 8.39% recorded in October, 2022. As per a release from the Ministry of Commerce & Industry, the decline in rate of inflation in November, 2022 is primarily due to the 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 month over month change in WPI index for the month of November, 2022 stood at (-)0.26% as compared to October, 2022.
Prices of Minerals (5.98%), Crude Petroleum & Natural Gas (0.29%) and Non-food articles (0.18%) increased in November, 2022 as compared to October, 2022. Prices of food articles (3.07%) declined in November, 2022 as compared to October, 2022.
Prices of Mineral Oils (3.61%) and Electricity (2.42%) increased in November, 2022 as compared to October, 2022.
Out of the 22 NIC two-digit groups for manufactured products, 11 groups have witnessed increase in prices while 10 groups have witnessed decrease in prices. Index of two groups has remained unchanged. The increase in price is mainly contributed by food products; fabricated metal products, except machinery and equipment; other manufacturing; other non-metallic mineral products; machinery and equipment etc. Some of the groups that have witnessed decrease in prices are basic metals; textiles; chemicals and chemical products; paper and paper products; rubber and plastics products; in November, 2022 as compared to October, 2022.
The Food Index consisting of food articles from Primary Articles group and ‘Food Product’ from Manufactured Products group have decreased from 177.5 in October, 2022 to 174.3 in November, 2022. The rate of inflation based on WPI Food Index decreased from 6.48% in October, 2022 to 2.17% in November, 2022.