The people of the country have got double relief from inflation. Last week, retail inflation had fallen below the tolerance level of RBI. On the other hand, wholesale inflation has remained at minus level below zero for the 6th consecutive month. According to the data released on Monday, wholesale inflation has declined by 0.26 percent in September. In the month of August, wholesale inflation had reached a five-month high of -0.52 percent. Economists surveyed by Reuters had predicted that the wholesale price index would increase by 0.5 percent in September. After rising by 0.20 per cent in August, wholesale prices fell by -0.59 per cent on month-on-month basis in September.
Decline in
The Commerce Ministry said in a statement that the deflation in September 2023 is mainly due to the decline in prices of chemicals and chemical products, mineral oils, textiles, basic metals and food products compared to the same month last year. Food index inflation increased to 1.54 percent in September after reading 8.32 percent and 5.62 percent in July and August respectively.
Inflation for primary products continued to decline, increasing by 3.70 percent in September after rising by 8.24 percent and 6.34 percent in July and August. Fuel and electricity inflation declined to 3.35 percent after increasing by 12.73 percent and 6.03 percent in July and August respectively.
There was also a decline in retail inflation
After falling by 2.58 per cent and 2.37 per cent in July and August, prices of manufactured products fell by 1.34 per cent. Data released last week showed that retail inflation in India fell to a three-month low of 5.02 per cent in September due to softening of vegetable prices, but remained above the Reserve Bank of India's tolerance band average of 4 per cent.
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