New Delhi: The annual rate of inflation based on all India Wholesale Price Index (WPI) number came down to 8.39% (Provisional) for the month of October 2022 (over October 2021). It was 10.70% recorded in September 2022.
The decline in the rate of inflation in October 2022 is primarily contributed by a fall in the price of mineral oils, basic metals, and fabricated metal products, except machinery and equipment; textiles; other non-metallic mineral products; minerals.
The index numbers and inflation rate for the last three months of all commodities and WPI components are as follows:
- Month over Month Change in Major Groups of WPI:
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- Primary Articles (Weight 22.62%):- The index for this major group increased by 2.72% to 181 (provisional) in October, 2022 from 176.2 (provisional) for the month of September 2022. Prices of Crude Petroleum & Natural Gas (17.48%) and Food Articles (2.03%) increased in October 2022 as compared to September 2022. Prices of Non-food Articles (-0.53%) and Minerals (-3.78%) declined in October 2022 as compared to September 2022.
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- Fuel & Power (Weight 13.15%):- The index for this major group declined by 1.65% to 155.2 (provisional) in October 2022 from 157.8 (provisional) for the month of September 2022. Prices of Coal (2.60%) increased in October 2022 as compared to September 2022. Prices of Mineral Oils (3.09%) declined in October 2022 as compared to September 2022. Prices of electricity remain unchanged.
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- Manufactured Products (Weight 64.23%):- The index for this major group declined by 0.42% to 141.9 (provisional) in October 2022 from 142.5 (provisional) for the month of October 2022. Out of the 22 NIC two-digit groups for manufactured products, 6 groups have witnessed an increase in prices while 14 groups have witnessed a decrease in prices. The index of the 2 groups remained unchanged. The increase in price is mainly contributed by printing and reproduction of recorded media; other transport equipment; rubber and plastic products; pharmaceuticals, medicinal chemical and botanical products; computer, electronic and optical products etc. Some of the groups that have witnessed a decrease in prices are basic metals; fabricated metal products, except machinery and equipment; textiles; other non-metallic mineral products, motor vehicles, trailers and semi-trailers in October 2022 as compared to September 2022.
- WPI Food Index (Weight 24.38%): The Food Index consisting of ‘Food Articles’ from the Primary Articles group and ‘Food Product’ from the Manufactured Products group have increased from 175.2 in September 2022 to 177.5 in October 2022. The rate of inflation based on the WPI Food Index decreased from 8.08% in September 2022 to 6.48% in October 2022.
- The final index for the month of August 2022 (Base Year: 2011-12=100): For the month of August 2022 the final Wholesale Price Index and inflation rate for ‘All Commodities’ (Base: 2011-12=100) stood at 153.2 and 12.48% respectively.
- Response Rate: The WPI for October 2022 has been compiled at a weighted response rate of 84.0 per cent, while the final figure for August 2022 is based on the weighted response rate of 90.0 per cent. The provisional figures of WPI will undergo revision as per the final revision policy of WPI.
– global bihari bureau
