Wholesale inflation eases to 3.85 pc in February
New Delhi (PTI): The wholesale price based inflation eased for the ninth consecutive month to 3.85 per cent in February on easing prices of manufactured items and fuel and power, showed the government data released on Tuesday.
The wholesale price index (WPI) based inflation rate was 4.73 per cent in January this year and 13.43 per cent in February 2022.
Inflation in food articles, however, rose to 3.81 per cent in February, as against 2.38 per cent in January.
"Decline in the rate of inflation in February 2023 is primarily contributed by fall in prices of crude petroleum & natural gas, non-food articles, food products, minerals, computer, electronic & optical products, chemicals & chemical products, electrical equipment and motor vehicles, trailers & semi-trailers," the commerce and industry ministry said.
Inflation in pulses was 2.59 per cent, while in vegetables was (-)21.53 per cent. Inflation in oil seeds was (-)7.38 per cent in February 2023.
Fuel and power basket inflation eased to 14.82 per cent from 15.15 per cent in the preceding month. In manufactured products it was 1.94 per cent, against 2.99 per cent in January.
The deceleration in WPI comes in line with the dip in retail inflation, data of which was released on Monday.
Consumer price index based retail inflation declined to 6.44 per cent in February from 6.52 per cent in January.
In its monetary policy review last month, the Reserve Bank of India had hiked key interest rate by 25 basis points to 6.50 per cent, saying core inflation still remains sticky.
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India moving towards becoming global economic powerhouse: Kovind
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Amritsar (PTI): Former president Ram Nath Kovind on Friday said that with digital transformation, economic reforms and a strong focus on the ease of doing business, India is moving towards becoming a global economic powerhouse.
He was speaking after inaugurating the 19th edition of the Punjab International Trade Expo (PITEX) in Amritsar.
The former president said that this 19th edition of PITEX is being organised at a time when India is recognised as one of the fastest-growing large economies in the world.
Speaking at the inaugural ceremony of the event organised by the PHD Chamber of Commerce and Industry (PHDCCI) the former president, while referring to Punjab, said the state is a living example of courage, sacrifice and enterprise.
"The spiritual light of Sri Harmandir Sahib (Golden Temple) inspires peace and humanity across the world. The heritage of Punjab is deep and inspiring," Kovind said, according to a statement issued by the PITEX.
The former president congratulated the PHDCCI for hosting the 19th edition of PITEX and suggested that the chamber should expand PITEX outside Punjab.
He proposed that a similar event should also be held in New Delhi.
