India’s wholesale inflation rate declined to 8.39% in October from 10.7% in September, government data showed on Monday.
This is the first time since March last year that the indicator of price rise in wholesale markets has dipped below double digits. In September last year, it stood at 13.83%.
“Inflation in October is primarily contributed by the fall in the price of mineral oils, basic metals, fabricated metal products, except machinery and equipment; textiles; other non-metallic mineral products; minerals etc,” the Ministry of Commerce and Industry said in a press release.
According to the data, the wholesale inflation rate in food items declined to 6.48% in October from 8.08% in September. The price rise in vegetables declined substantially to 17.61% in October from 39.66% in September.
The fuel and power inflation rate eased to 23.17%, down from 32.61% in September, while that for manufactured products in dipped to 4.42% from 6.34% in the last month.