India’s January WPI inflation eases marginally to 12.96% y/y

The wholesale price-based inflation eased for the second consecutive month in January at 12.96 per cent, even though food prices hardened, the government said on Monday.

WPI inflation has remained in double digits for the tenth consecutive month beginning April 2021. Inflation in December 2021 was 13.56 per cent, while in January 2021, it was 2.51 per cent.

Inflation in food articles, however, spiked to a 10.33 per cent in January 2022 from 9.56 per cent in December 2021. Vegetable price rise rate jumped to 38.45 per cent, against 31.56 per cent in the previous month.

In the food articles category, pulses, cereals and paddy witnessed a month-on-month price rise, while inflation in egg, meat and fish stood at 9.85 per cent and in potato and onion at (-)14.45 and (-)15.98 per cent, respectively.

“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 Commerce and Industry Ministry said in a statement.

cmsAgencies

Inflation in manufactured items was 9.42 per cent in January, against 10.62 per cent in the previous month.

In fuel and power basket, the rate of price rise was 32.27 in January, a tad lower than 32.30 per cent in December.

The central bank last week kept its key repo rate — at which it lends short-term money to banks — unchanged for the 10th time in a row at 4 per cent, to support growth as well as manage the inflationary pressures.

For all the latest Business News Click Here 

 For the latest news and updates, follow us on Google News

Read original article here

Denial of responsibility! TheDailyCheck is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] The content will be deleted within 24 hours.