Inflation remained below zero, food items became cheaper

New Delhi (Uttam Hindu News) – Inflation based on Wholesale Price Index in the country has been minus 0.52 percent in October this year. In September it was minus 0.26 percent. In October last year, wholesale inflation was 8.67 percent. Wholesale inflation has been below zero for seven months but is likely to come back slightly above zero in November.

“Inflation in October 2023 stood at minus 0.52 per cent,” the Ministry of Commerce and Industry said in a release on Tuesday. The main reason for this was the decline in the prices of chemicals and chemical products, electricity, textiles, basic metals, food products, paper and paper products etc. as compared to the same month last year. Wholesale inflation in food items category declined to 2.53 in October. Came to percent. In September it was 3.35 percent. According to data released by the Ministry of Statistics and Program Implementation on Monday, retail inflation declined to 4.87 percent in October this time, whereas it was 5.02 percent in the previous month (September 23). According to the latest data, fuel and electricity category inflation stood at minus 2.47 percent in October, which was minus 3.35 percent in September. Inflation in manufactured products stood at minus 1.13 percent in October compared to minus 1.34 percent in September. Economist Aditi Nair of rating agency ICRA said that oil and commodity prices are showing softness in the global market, but due to high pressure of food prices within the country and the comparative base effect, the wholesale price index based inflation for November 2023 is expected to be minus 0.1. The percentage may remain above which was 6.1 percent in November last year.