The Wholesale Price Index-based Inflation (WPI) declined to 4.95% in December 2022 compared to 14.27% in December 2021.
The wholesale price-based inflation declined to 4.95 per cent in December 2022 in comparison to 5.85% in November 2022 year-on-year (YoY), mainly on the back of a fall in prices of food articles and crude petroleum.
WPI is at a 22-month low as it is primarily contributed by the fall in prices of food articles, mineral oils, crude petroleum & natural gas, food products, textiles and chemicals & chemical products.
In December 2022, food inflation was (-)1.25%, while petrol and electricity inflation was 18.09%. During the month under review, inflation in manufactured goods was 3.37%. In December, the food index rose 0.65%, with vegetable costs plunging roughly 36% year on year. The food index increased by 2.17% in November.
Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget in the Lok Sabha on February 1.
“I am aware of the pressures of the middle class but also recalling the fact that the present government has not imposed any fresh taxes,” Finance Minister Nirmala Sitharaman spoke ahead of the budget session.