18th January 2023 (6 Topics)
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A fortuitous trend
Context:
- The year 2022 has observed high inflation throughout but the recent data released has shown the downward trends for wholesale inflation which is a good sign for consumers in the year end.
The statistics showing positive trends:
- Average price rise remained minimal: The average price rise faced by consumers during December slipped to its lowest since November 2021 at 5.7%.
- Wholesale inflation dropped: Wholesale inflation has fallen to a 22-month-low of 4.95% from 5.88% in November as compared to 2021.
- Hopes with pre-election budget: Reserve Bank of India (RBI) has projected inflation to average 5.9% in the current quarter from 6.1% in October-December 2022, and consumers are hoping to get lower rates of inflation in the coming quarter.
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