India's WPI inflation falls to single digit; a first in last 19 months [details inside]

First-time in the last 18 months, the annual rate of inflation based on all India Wholesale Price Index (WPI) fell to single-digit as October recorded 8.39 percent inflation against 10.70 percent recorded in September 2022.

The WPI-based inflation had been in double digits for 19 months in a row till September.

According to data shared by the Ministry of Commerce and Industries, the decline in the rate of inflation in October 2022 is primarily contributed by a fall in the price of mineral oils, basic metals, fabricated metal products, except machinery and equipment; textiles; other non-metallic mineral products; minerals, etc.

The month-over-month change in the wholesale priced index (WPI) -- inflation -- for October 2022 stood at 0.26 percent, against September 2022.

The index for major group primary articles increased by 2.72 percent to 181 in October from 176.2 for the month of September. Prices of crude petroleum & natural gas went up 17.48 percent and food articles grew 2.03 percent in October as compared to September.

The index numbers and inflation rate for the last three months of all commodities and WPI components are given below

The primary articles' index increased by 2.72% to 181 in October 2022 from 176.2 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.

The index of fuel and power declined by 1.65% to 155.2 in October 2022 from 157.8 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.

The manufactured products index for this major group declined by 0.42% to 141.9 in October 2022 from 142.5 for the month of September 2022. 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.

The food index consisting of "Food Articles" from the primary articles group and "Food Product" from the manufactured products group has 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.