Inflation to ease, economic growth to accelerate in coming months: Finance Ministry
India's retail inflation jumped in October 6.21 per cent, a 14-month high, driven by elevated food inflation in a few vegetables.
India’s wholesale inflation stood at 0.27 per cent in January, better than 0.73 per cent in the previous month, official data released on Wednesday showed.
Positive rate of inflation in January 2024 is primarily due to increase in prices of food articles, machinery & equipment, other manufacturing, minerals and other transport equipment.
The month over month change in WPI index for January 2024 stood at -0.33 per cent as compared to December 2023.
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The food index has a weightage of 24.4 per cent in the overall Wholesale Price Index. The Food Index which consists of ‘Food Articles’ from Primary Articles group and ‘Food Product’ from Manufactured Products group, has decreased from 179.9 in December 2023 to 178.0 in January 2024.
The rate of inflation based on WPI Food Index decreased from 5.39 per cent in December, 2023 to 3.79 per cent in January, 2024.
The index for Primary Articles declined by 1.04 per cent to 181.0 in January 2024 from 182.9 in December 2023. Prices of Minerals (0.93 per cent ) increased in January 2024 as compared to December 2023. Prices of Crude Petroleum & Natural Gas (-0.33 per cent ), Non-food Articles (-0.49 per cent ) and Food Articles (-1.36 per cent ) declined in January 2024 as compared to December 2023.
The index for manufactured products declined by (-0.21 per cent) to 139.8 in January 2024 from 140.1 for December 2023.
For Fuel and Power, the index increased by 0.39 per cent to 154.8 in January 2024 from 154.2 for December 2023. Prices of Electricity (3.30 per cent) increased in January 2024 as compared to December 2023. Prices of Coal (-0.37 per cent ) and Mineral Oils (-0.56 per cent ) declined in January 2024 as compared to December 2023.
The government has also released the data for the retail inflation for January saying the CPI-based inflation came in at 5.1 per cent . In December 2023, retail inflation reached its four-month high of 5.69 per cent , following 5.55 per cent recorded in November.
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