The Wholesale Price Index (WPI)-based inflation declined to 4.95 per cent in December 2022, mainly due to fall in prices of food articles and crude petroleum. The WPI inflation was 5.85 per cent in November 2022 and 14.27 per cent in December 2021.


Inflation in food articles was (-)1.25 per cent, while in fuel and power it was 18.09 per cent during December 2022. Inflation in manufactured products was 3.37 per cent during the month, the commerce and industry ministry said in a statement. "The decline in the rate of inflation in December 2022 is primarily contributed by fall in prices of food articles, mineral oils, crude petroleum and natural gas, food products, textiles and chemicals & chemical products,” it said. 


The month-on-month WPI inflation stood at -1.12 per cent as compared to November. In the manufacturing basket of goods, food products, textiles, chemical products are some of the item that saw a decline inflation.


“Some of the groups that have witnessed decrease in prices are food products; textiles; chemicals and chemical products; basic metals; paper and paper products; motor vehicles, trailers and semi-trailers etc. in December, 2022 as compared to November, 2022,” the official release said.


Meanwhile, India's Consumer Price Index (CPI)-based inflation in December eased marginally to 5.7 per cent, staying within the Reserve Bank of India's (RBI's) tolerance band of 2-6 per cent.


According to the latest data released on Thursday by the National Statistical Office (NSO) under the Ministry of Statistics and Programme Implementation, CPI or the retail inflation in November was at 11-month low of 5.88 per cent. For October it was 6.7 per cent, while it was 7.14 per cent in September. Retail inflation was 5.66 per cent in December last year.             


The data released by the NSO on Thursday showed food inflation, which accounts for about 40 per cent of the inflation basket, came in at 4.19 per cent in December as against 4.67 per cent in the preceding month.