Wholesale inflation in India to hit a 24-month low of 3.85% in February 2023. Loktej Business, India News
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India’s commerce ministry recently released data indicating a 24-month low in Wholesale Price Index (WPI) based inflation, which fell to 3.85% in February 2023. The data comes as a welcome relief after the WPI inflation pegged at 4.73% in January 2023.
This marks the lowest WPI inflation since January 2021 when it stood at 2.51%. The decline in wholesale inflation in February 2023 was attributed to decline in prices of crude petroleum, natural gas, non-food items and food products. Additionally, the prices of minerals, computer, electronic and optical products, chemicals and chemical products, electrical equipment and motor vehicles also declined in February.
An official statement said the decline in WPI inflation was mainly due to lower prices of essential products. This news could potentially have a positive impact on the Indian economy, especially with respect to the manufacturing and production sectors.
The government would be hoping that this trend continues, as it could potentially increase consumer demand and boost the Indian economy overall.
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