New Delhi, Nov 18: Increase in prices of manufactured products and some non-food articles pulled inflation to 3.11 per cent for the week ended November 3.
For the first time in five years, inflation measured by wholesale price index slipped below 3 per cent at 2.97 per cent last week due to government's reluctance to raise petrol and diesel prices.
Inflation rate is still below RBI's 5 per cent target. In the corresponding period last year, inflation was at 5.45 per cent, official figures said.
The Government on Tuesday ruled out any immediate hike in retail prices of fuel and said it will wait for international crude prices to stabilise from their current upward trend.
The inflation would have been one per cent higher had government allowed oil companies to raise price of petrol, diesel, cooking gas and kerosene.
The wholesale price index (WPI) for 'All Commodities' for the week ended November 3, rose by 0.2 per cent to 215.6 Provisional) from 215.1 (Provisional) for the previous week.
The index for primary food articles declined by 0.1 per cent to 224.2 from 224.5 (Provisionl) for the previous week. The index for 'Food Articles' group declined by 0.3 per cent to 223.7 (Provisional) from 224.4 (Provisional) for the previous week due to lower prices of jowar (three per cent), poultry chicken, fruits and vegetables and maize (two per cent each) and arhar (one per cent).
However, the prices of moong (three per cent), fish-marine and eggs (two per cent each) and bajra and pork (one per cent) moved up.
The index for non-food articles group rose by 0.4 per cent to 209.6 (Provisional) from 208.8 (Provisional) for the previous week due to higher prices of raw rubber (three per cent), copra and soyabean (two per cent each) and raw cotton and castor seed (one pert cent each). However, the price of mesta (one per cent) declined.
The index for 'Fuel, Power, Light and Lubricants' rose by 0.6 per cent to 325.7 Provisional) from 323.7 Provisional) for the previous week due to higher prices of furnace oil (six per cent), aviation turbine fuel (five per cent), naphtha (four per cent) and bitumen (three per cent).