Inflation dips to 8.98%

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New Delhi, Nov 13 (UNI) The headline inflation rate for the week ended November 1 declined drastically to 8.98 per cent, compared to 10.72 per cent in the previous week.

The annual inflation rate was 3.35 per cent during the corresponding week of the previous year, according to official data released here today.

The official Wholesale Price Index (WPI) for 'All Commodities' for the week ended November 1 declined by 1.3 per cent to 235.5 (Provisional) from 238.5 (Provisional) for the previous week.

The rate of inflation, based on average monthly WPI, which was 12.04 per cent (Provisional) for the month of September has eased by 1.07 percentage points to 10.97 per cent (Provisional) in October.

The index for 'Primary Articles' group declined by 0.4 per cent to 249.0 (Provisional) from 249.9 (Provisional) for the previous week.

The index for 'Food Articles' group rose by 0.1 per cent to 244.1 (Provisional) from 243.9 (Provisional) for the previous week due to higher prices of barley (four per cent), gram, jowar, eggs and mutton (two per cent each) and bajra (one per cent).

However, the prices of tea and ragi (two per cent each) and urad and condiments&spices declined (one per cent each).

The index for 'Non-Food Articles' group declined by 0.2 per cent to 233.1 (Provisional) from 233.6 (Provisional) for the previous week due to lower prices of raw rubber and castor seed (two per cent each) and groundnut seed and gingelly seed (one per cent each).

The index for 'Minerals' group declined by 6.4 per cent to 606.0 (Provisional) from 647.6 (Provisional) for the previous week due to lower prices of iron ore (eight per cent).

The annual rate of inflation, calculated on point-to-point basis, for 'Primary Articles' stood at 11.01 per cent (Provisional) for the week ended November 1 as compared to 11.41 per cent (Provisional) in the previous week. It was 4.57 per cent in the year-ago period.

The annual rate of inflation for 'Food Articles' stood at 9.07 per cent (Provisional) for the week ended November 1 as compared to 8.84 per cent (Provisional) in the previous week. It was 2.47 per cent in the same period last year.

The index for 'Fuel, Power, Light&Lubricants' declined by 3.4 per cent to 356.6 (Provisional) from 369.3 (Provisional) for the previous week due to lower prices of naphtha (33 per cent), aviation turbine fuel (18 per cent), furnace oil (13 per cent) and light diesel oil (six per cent).

However, the prices of bitumen (two per cent) moved up.

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