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India wholesale price inflation eases to 8.39% in October, lowest since March 2021

New Delhi: There is good news on the inflation front. India's Wholesale Price Index-based inflation declined to 8.39 percent on an annual basis in the month of October, which was recorded at 10.70 percent in September. This has been revealed in the provisional figures of the Ministry of Commerce, released on Monday.

By Priyanka Verma 
Updated Date

New Delhi: There is good news on the inflation front. India’s Wholesale Price Index-based inflation declined to 8.39 percent on an annual basis in the month of October, which was recorded at 10.70 percent in September. This has been revealed in the provisional figures of the Ministry of Commerce, released on Monday.

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The commerce and industry ministry said 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.”

Reserve Bank of India (RBI) Governor Shaktikanta Das had recently talked about softening of inflation (WPI Inflation october 2022) in October. According to the news, Das had attributed the steps taken by the government and the RBI in the last six-seven months for the possibility of a reduction in the inflation rate for the month of October.

The Reserve Bank of India said that there is no need to change the target of keeping inflation in the range of two to six percent as inflation rate above 6 percent will affect economic growth.Regarding the Indian economy, RBI said that amidst the turmoil around the world, the fundamental aspects of India remain strong and the prospects for economic growth are looking good.

RBI exuded confidence that India will continue to be the fastest growing major economy with an estimated growth rate of 7% in FY 2022-23. The country’s economy remains resilient with support from the banking and non-banking sectors. In September, the rate of retail inflation has increased from 7 to 7.4%. The rate of food items has increased from 7.6 to 8.6%.

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