India Inflation: Great relief in inflation in the country! The prices of several food products have decreased – wholesale and retail inflation going down in October 2023 check details

Inflation in the country has gradually started coming down. Along with retail inflation, wholesale inflation in the country also eased in October. With this, the wholesale inflation rate in the country remained below 0 for the seventh consecutive month.

According to government data released on Tuesday, the wholesale inflation rate in October stood at -0.52 percent (minus 0.52 percent). This figure is better than last month i.e. September. Earlier, wholesale inflation stood at minus 0.26 percent in September. In other words, the wholesale inflation rate has fallen a little further in October.

Retail Inflation: The lowest retail inflation in 2 years, how will common people benefit?
On the other hand, looking at the figure of a year ago, it is understood that the inflation situation of the country has come to a much better place in the last one year. The country has a wholesale inflation rate of 8.69 percent in October 2022.

Notably, the wholesale inflation rate in the country has remained low since April 2023. With this, inflation has been below 0 for 8 consecutive months. When the rate of inflation is less than zero, it is called Deflation. An inflation rate below zero means that prices are falling, and as prices rise above zero, prices are rising.

There is also good news on retail inflation. The retail inflation rate was released on Monday. Retail inflation in the country fell to 4.87 percent in October. Which is actually the lowest in five months. Earlier in September, the retail inflation rate was 5.02 percent. The rate was higher in August. Retail inflation rate was 6.83 percent in August. RBI has targeted retail inflation at 4 percent.

According to the ministry, as compared to the same month last year, the inflation rate in the country did not increase due to the decrease in the prices of chemicals and chemical products, electricity, textiles, basic metals, food products, paper and paper products etc. and remained below zero.

Inflation in the energy and power sector increased in October. Inflation in this sector was minus 3.35 percent in September. Which has reached 2.47 percent in the current month. Inflation in manufactured goods stood at 1.13 percent in October. This figure was 1.34 percent in September. In other words, inflation on domestically produced goods has decreased in September.