WPI inflation cools to 4.95% in December

Posted on by

The inflation rate based on wholesale prices fell to 4.95 percent in December 2022, mainly due to lower food and crude oil prices.

The inflation rate based on the Wholesale Price Index (WPI) was 5.85% in November 2022 and 14.27% in December 2021.

Also read: Quarterly earnings and inflation data key factors driving stock market trends this week: Analysts

Inflation in foodstuffs reached (-) 1.25 percent, while inflation in fuel and energy reached 18.09 percent during December 2022. Inflation in manufactured products reached 3.37 percent during the month, the Ministry of Commerce and Industry said in a statement.

The report stated that “the decrease in the inflation rate in December 2022 is mainly due to the decrease in the prices of foodstuffs, mineral oils, crude oil, natural gas, food products, textiles, chemicals, and chemical products.”