India’s wholesale inflation rate declined to 5.85% in November from 8.39% in October, government data showed. This is the lowest wholesale inflation rate has been in 21 months, according to The Indian Express.

Last month, the indicator of price rise in wholesale markets had dipped below double digits for the first time since March 2021.

“Inflation in November is primarily contributed by fall in prices of food articles, basic metals, textiles, chemicals and chemical products and paper and paper products as compared to the corresponding month of the previous year,” the Ministry of Commerce and Industry said in a press release.

According to the data, the wholesale inflation rate in food items declined to 2.17% in November from 6.48% in October. The price rise in vegetables declined substantially to -20.08 in November from 17.61% in October.

The fuel and power inflation rate eased to 17.35%, down from 23.17% in October, while for manufactured products it dipped to 3.59% from 4.42% in the last month.

Meanwhile, Finance Minister Nirmala Sitharaman told the Parliament that the government is working towards bringing inflation further down, reported PTI.

“Inflation management or control...Prime Minister Modi and his group of ministers and officers are making periodic interventions and taking measures as a result of which we find the results coming in,” Sitharaman said.