The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 4.73% (Provisional) for the month of January, 2023 (over January, 2022) against 4.95% recorded in December, 2022. Decline in the rate of inflation in January, 2023 is primarily contributed by mineral oils, chemicals & chemical products, textiles, crude petroleum & natural gas, textiles, and food products.
Primary Articles (Weight 22.62%): The index for this major group increased by 0.93% to 174.0 (provisional) in January, 2023 from 172.4 (provisional) for the month of December, 2022. Prices of Minerals (2.62%), Non-food Articles (1.58%) and Food Articles (0.92%) increased in January, 2023 as compared to December, 2022. Prices of Crude Petroleum & Natural Gas declined by 0.85% in January, 2023 as compared to December, 2022.
Fuel & Power (Weight 13.15%): The index for this major group declined by 1.39% to 155.8 (provisional) in January, 2023 from 158.0 (provisional) for the month of December, 2022. Prices of Mineral Oils declined by 2.13% in January, 2023 as compared to December, 2022.
Manufactured Products (Weight 64.23%): Index for this major group increased by 0.14% to 141.3 (provisional) in January, 2023 from 141.1 (provisional) for the month of December, 2022. Out of the 22 NIC two-digit groups for Manufactured products, 12 groups have witnessed increase in prices while 10 groups have witnessed a decrease in prices. The increase in price is mainly contributed by basic metals; tobacco products; electrical equipment; computer, electronic & optical products; motor vehicles, trailers & semi-trailers; other transport equipment; printing & reproduction of recorded media etc. Some of the groups that have witnessed decrease in prices are other manufacturing; textiles; chemical & chemical products; fabricated metal products except machinery & equipment; rubber & plastic products, wearing apparel, etc. in January, 2023 as compared to December, 2022.
WPI Food Index (Weight 24.38%): The Food Index consisting of 'Food Articles' from Primary Articles group and 'Food Product' from Manufactured Products group have increased from 170.3 in December, 2022 to 171.2 in January, 2023. The rate of inflation based on WPI Food Index increased from 0.65% in December, 2022 to 2.95% in January, 2023.
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