The annual rate of inflation based on the all-India Wholesale Price Index (WPI) number is 3.85 per cent (provisional) for the month of February 2023 (over February 2022) against 4.73 per cent recorded in January 2023.
”Decline in the rate of inflation in February 2023 is primarily contributed by fall in prices of crude petroleum and natural gas, non-food articles, food products, minerals, computer, electronic and optical products, chemicals and chemical products, electrical equipment and motor vehicles and trailers and semi-trailers,” an official press note said on Tuesday.
The index for primary articles declined by 0.57 per cent to 173.0 (provisional) in February 2023 from 174.0 (provisional) for the month of January 2023. The prices of food articles (0.45 per cent) increased in February 2023 as compared to January 2023. The prices of minerals (-1.37 per cent), non-food articles (-1.73 per cent) and crude petroleum & natural gas (-5.42 per cent) declined in February 2023 as compared to January 2023.
The index for fuel and power increased by 1.93 per cent to 158.8 (provisional) in February 2023 from 155.8 (provisional) for the month of January 2023. The prices of mineral oils (2.86 per cent) and coal (0.74%) increased in February 2023 as compared to January 2023.
Out of the 22 NIC two-digit groups for manufactured products, 13 groups have witnessed an increase in prices while 9 groups witnessed a decrease in prices. The increase in prices is mainly contributed by basic metals; fabricated metal products, except machinery and equipment; machinery and equipment; other manufacturing; other non-metallic mineral products; pharmaceuticals, medicinal chemical and botanical products, etc.
Some of the groups that have witnessed a decrease in prices are food products; computer, electronic and optical products; chemicals and chemical products, electrical equipment and motor vehicles, trailers and semi-trailers etc. in February 2023 as compared to January 2023.
The food index consisting of ‘food articles’ from the primary articles group and ‘food product’ from the manufactured products group has increased from 171.2 in January 2023 to 171.3 in February 2023. The rate of inflation based on the WPI Food Index decreased from 2.95 per cent in January 2023 to 2.76 per cent in February 2023.