The annual rate of inflation based on the all India Wholesale Price Index (WPI) number saw a downward fall to 1.34% for March, 2023 (over March, 2022) against 3.85% recorded in February, 2023. As per the Government, the decline in the rate of inflation in March, 2023 is primarily contributed by fall in prices of basic metals, food products, textiles, non-food articles.
Prices of Minerals (8.16%), Crude Petroleum & Natural Gas (4.61%) and Food Articles (1.13%) increased in March, 2023 as compared to February, 2023. Prices of non-food articles declined by 2.05% in March, 2023 as compared to February, 2023.
Prices of Coal (0.07%) increased in March, 2023 as compared to February, 2023, while prices of Mineral Oils and Electricity declined by 0.24% and 4.95% respectively in March, 2023 as compared to February 2023.
Some of the groups that have witnessed decrease in prices are food products; basic metals; chemicals & chemical products, textiles; other non-metallic mineral products and pharmaceuticals, medicinal chemical & botanical products, etc. in March, 2023 as compared to February, 2023.
For the month of January, 2023 the final Wholesale Price Index and inflation rate for ‘All Commodities’ (Base: 2011-12=100) stood at 150.7 and 4.80% respectively.