New Delhi: There is good news on the inflation front. Inflation based on the Wholesale Price Index (WPI) came down to 4.95 per cent in December 2022. The decline was mainly due to lower food prices and crude oil prices. WPI based inflation was 5.85 per cent in November 2022 and 14.27 per cent in December 2021. The Ministry of Commerce and Industry said in a statement that in December 2022, the inflation of food items was negative 1.25 percent and the inflation of fuel and electricity was 18.09 percent. Inflation in manufactured products stood at 3.37 per cent during the month under review.
According to the statement of the ministry, the decrease in the rate of inflation in December 2022 was mainly due to the decline in the prices of food items, mineral oils, crude oil and natural gas, food products, textiles and chemicals and chemical products. Earlier, the retail inflation rate had also declined in December. In December, the retail inflation had come down to 5.72 per cent. Before that in November it was 5.88 percent.
Opinion: Inflation down, job boom, all-round good news on economy… India’s progress will tease the world in 2023
trade deficit increased
Meanwhile, the country’s exports declined by 12.2 percent to $34.48 billion in December last year. It was $ 39.27 billion in the same month of 2021 a year ago. Imports also declined to $58.24 billion in the month under review, as against $60.33 billion in the same month a year ago, according to commerce ministry data released on Monday. During April-December in the current financial year, the country’s total exports grew by nine per cent to $332.76 billion. Imports also increased by 24.96 percent to reach $ 551.7 billion during the period under review. Commerce Secretary Sunil Barthwal said that despite global challenges, the country’s exports continue to do well.
