Wholesale inflation in January slips to a two-year low of 4.73%
For January 2023, WPI core inflation came in at 2.8 percent against 3.2 percent in December, 2022. Food inflation, on the other hand, witnessed a sharp rise to 2.95 percent. Wholesale inflation measures the changes in price of goods that wholesale businesses sell to and trade in bulk with other businesses.
According to the data released by the government, the Wholesale Price Index (WPI) for the month of January eased to 4.73 percent — the lowest in 24 months.
As per the official data, for January 2023, WPI core inflation came in at 2.8 percent against 3.2 percent in December, 2022. Food inflation, on the other hand, witnessed a sharp rise to 2.95 percent in January against 0.65 percent in December.
All Commodities Index saw rise by 0.13 percent.
Wholesale inflation measures the changes in price of goods that wholesale businesses sell to and trade in bulk with other businesses. At present, the index has a total of 697 items, including primary articles (117), manufactured products (564), and fuel and power (16).
A total of 1,176 items in these three categories have been proposed in the new series— primary articles (131), fuel and power (19), and manufactured products (1,026).
The WPI for December 2022 fell to a 22-month low of 4.95 percent against 5.85 percent in November and 14.27 percent in the year-ago period.
WPI was first introduced in 1942 with the base year 1939. Since then, seven revisions have taken place by introducing new base years in 1952-53, 1961-62, 1970-71, 1981-82, 1993-94, 2004-05, and 2011-12. The current WPI base year 2011-12 series was launched in May 2017.
First Published: Feb 14, 2023 12:30 PM IST
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