India’s wholesale inflation eases to 12.96% in January from 13.56% in December
The indicator of price rise in wholesale markets has remained in double digits for ten straight months since April.
India’s wholesale inflation eased to 12.96% in January from 13.56% in December, government data showed on Monday. The indicator of price rise in wholesale markets has remained in double digits for ten straight months since April, The Indian Express reported.
“The high rate of inflation in January, 2022 is primarily due to rise in prices of mineral oils, crude petroleum and natural gas, basic metals, chemicals and chemical products, food articles etc as compared the corresponding month of the previous year,” the Union Ministry of Commerce and Industry said in a statement.
Even as overall wholesale inflation declined, the numbers for food articles were higher in January at 10.33%, compared to 9.56% in December.
Wholesale inflation of vegetables jumped to 38.45% in January from 31.56% in December. In the fuel and power basket, the rate of price rise was 32.27% against 32.30% in last month.
Last week, the Reserve Bank of India kept its kept repo rate – the interest rate at which it lends to commercial banks – at 4%, to support growth and manage inflationary pressures.