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India’s WPI inflation cools further to 3.85% in February 2023

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India’s annual rate of inflation, based on monthly wholesale price index (WPI), declined further to 3.85 per cent (provisional) in February 2023, over February 2022, according to the ministry of commerce and industry. India’s WPI inflation had reached a record high of 15.88 per cent in May 2022.

The WPI inflation was 8.39 per cent in October 2022, 5.85 per cent in November, 4.95 per cent in December 2022, and 4.73 per cent in January 2023.

India’s wholesale price index inflation rate decreased to 3.85 per cent in February 2023. It was due to lower prices of crude petroleum & natural gas, non-food articles, food products, minerals, computer & electronic products, chemicals, electrical equipment, and vehicles. The index for manufactured products, textiles and apparel increased.

“Decline in the rate of inflation in February, 2023 is primarily contributed by fall in prices of crude petroleum & natural gas, non-food articles, food products, minerals, computer, electronic & optical products, chemicals & chemical products, electrical equipment and motor vehicles, trailers & semi-trailers,” the Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT), under the ministry of commerce and industry, said.

The official WPI for all commodities (Base: 2011-12 = 100) for the month of February 2023 was 150.9 compared to previous month’s 150.6.

The index for manufactured products (weight 64.23 per cent) for February 2023 increased to 141.6 from 141.3 for the month of January 2023. The index for ‘Manufacture of Textiles’ sub-group too increased slightly to 137.4 from previous month’s 137.2. The index for ‘Manufacture of Wearing Apparel’ also increased to 149.7 from previous month’s 149.5.

The index for primary articles (weight 22.62 per cent) decreased to 173.0 in February from previous month’s 174.0. The index for fuel and power (weight 13.15 per cent) too increased to 158.8 from 155.8 in January 2023.

Meanwhile, the all-India inflation rate for consumer price index (CPI) on base 2012=100 stood at 6.44 (provisional) in February 2023 compared to 6.52 (final) in January 2023 and 6.07 February 2022, according to the National Statistics Office, under the ministry of statistics and programme implementation.

Fibre2Fashion News Desk (RKS)


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