WPI inflation: Aided by a decline in commodity prices, India’s annual wholesale price-based inflation (WPI) dropped in October to 8.39% year-on-year, the lowest level since March 2021, according to official statistics released on Monday.

“Decline in the rate of inflation in October, 2022 is primarily contributed by 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 official press release by the Ministry of Commerce and Industry said.

From 8.08% in September to 6.48% in October, the inflation rate for food has declined. Month over month (MoM), the index for manufactured goods fell by 0.42 percent, and the inflation rate for gasoline and power fell by 1.65 percent.

“Some of the groups that have witnessed 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 release said.

However, there was a 2.42 percent increase in inflation in the category of primary articles. The October WPI inflation rate was less than the 8.70% and 10.70% predicted by Reuters for the previous month.

For the first time since March 2021, when it was 7.89%, wholesale inflation has decreased below the double-digit threshold. The October WPI inflation rate was less than the 8.70% and 10.70% predicted by Reuters for the previous month.