Speed Post News Network
New Delhi : The annual rate of inflation is 12.96% (Provisional) for the month of January, 2022 (over January, 2021), which is a continuous decline from 14.87% in November, 2021 and 13.56% in December, 2021.
The high rate of inflation in January, 2022 is primarily due to rise in prices of mineral oils, crude petroleum and natural gas, basic metals, chemicals and chemical products, food articles etc as compared the corresponding month of the previous year, according to a PIB release.
The Office of the Economic Adviser, Department for Promotion of Industry and Internal Trade (DPIIT) released index numbers of wholesale price in India (Base Year: 2011-12) for the month of January, 2022 (Provisional) and for the month of November, 2021 (Final) on February 14, 2022.
The provisional figures of Wholesale Price Index (WPI) are released on 14th of every month (or next working day) with a time lag of two weeks of the reference month and compiled with data received from institutional sources and selected manufacturing units across the country. After 10 weeks, the index is finalised and final figures are released and frozen thereafter.
Month over Month Change in Major Groups of WPI:
- Primary Articles (Weight 22.62%):- The index for this major group declined by (-1.67%) to 165.0 (provisional) in January, 2022 from 167.8 (provisional) for the month of December, 2021. Prices of Minerals (11.08%) and Non-food Articles (0.37%) increased in January, 2022 as compared to December, 2021. Prices of Food Articles (-2.61%) and Crude Petroleum & Natural Gas (-5.11%) declined in January, 2022 as compared to December, 2021.
- Fuel & Power (Weight 13.15%):- The index for this major group increased by (3.90%) to 133.2 (provisional) in January, 2022 from 128.2 (provisional) for the month of December, 2021. Prices of Electricity (15.94%) and Mineral Oils (0.83%) increased in January, 2022 as compared to December, 2021. Prices of coal remain unchanged.
- Manufactured Products (Weight 64.23%):- The index for this major group increased by (0.51%) to 137.1 (provisional) in January, 2022 from 136.4 (provisional) for the month of December, 2021. Out of the 22 NIC two-digit groups for manufactured products, 18 groups have witnessed increase in prices while 3 groups have witnessed decrease in prices in January, 2022 as compared to December, 2021. The increase in prices is mainly contributed by basic metals; motor vehicles, trailers and semi-trailers; machinery and equipment; textiles; and chemicals and chemical products. Some of the groups that have witnessed decrease in prices are manufacture of wood and of products of wood and cork; tobacco products; and pharmaceuticals, medicinal chemical and botanical products.