New Delhi, Jan 16 (KNN) The Wholesale Price Index (WPI) based inflation declined to 4.95 per cent in December, mainly on the back of fall in prices of food articles and crude petroleum, according to the Ministry of Commerce & Industry statement.

The WPI based inflation was 5.85 per cent in November 2022 and 14.27 per cent in December 2021. The month over month change in WPI for the month of December stood at (-) 1.12 per cent as compared to November.

The decline in rate of inflation is primarily contributed by fall in prices of food articles, mineral oils, crude petroleum & natural gas, food products, textiles and chemicals & chemical products, it said.

As per the official data, the Inflation in food articles was (-) 1.25 per cent, while in fuel and power it was 18.09 per cent during December 2022.

The Inflation in manufactured products was 3.37 per cent during the month, the statement added.

"The increase in price is mainly contributed by other manufacturing; printing and reproduction of recorded media; electrical equipment; other non-metallic mineral products; furniture and beverages etc. 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 ministry said.

The rate of inflation based on WPI. Food Index decreased from 2.17 per cent in November, 2022 to 0.65 per cent in December. The prices of non-food articles and minerals increased in December. While the prices of food articles and crude petroleum and natural gas declined.

DPIIT releases index numbers of wholesale price in India on monthly basis on 14th of every month (or next working day) with a time lag of two weeks from the reference month, and the index numbers is compiled with data received from institutional sources and selected manufacturing units across the country.  (KNN Bureau)