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Wholesale Inflation: There is good news on the wholesale inflation front. The headline inflation rate has remained below zero for the seventh consecutive month. Wholesale Price Index (WPI) based inflation was (-) 0.52% in October. These figures have been announced by the government today i.e. on 14th November. Let us tell you that the WPI was (-) 0.26 in the month of September. At the same time, a year ago in October 2022, inflation based on wholesale price index was 8.67 percent.
The inflation rate of food items fell to 2.53 percent in October. In September it was 3.35 percent. Inflation will remain below zero in October 2023, the Ministry of Commerce and Industry said on Tuesday. This was mainly due to decline in prices of chemicals and chemical products, electricity, textiles, base metals, food products, paper and paper products, etc. compared to the same month last year.
Inflation in the fuel and power segment was minus 2.47 percent in October as against minus 3.35 percent in September. Inflation of manufactured goods stood at minus 1.13 percent in October. In September, it fell by minus 1.34 percent. According to data released by the National Statistical Office (NSO) last week, retail inflation fell to a five-month low of 4.87 percent in October on an annualized basis.