India's annual inflation rate based on wholesale prices declined to 2.26% in February from a rise of 3.10% in January, official data showed on Monday.
Similarly, on a year-on-year (YoY) basis, the Wholesale Price Index (WPI) data furnished by the Ministry of Commerce and Industry on Monday showed a decelerating trend during February, as inflation had risen to 2.93% during the corresponding month of 2019.
"Build up inflation rate in the financial year so far was 1.92% compared with a build-up rate of 2.75 per cent in the corresponding period of the previous year," the ministry said in its review of 'Index Numbers of Wholesale Price in India' for February.
This comes after the retail inflation slightly reduced to 6.58% in February this year, after hitting a near six-year high in January at 7.59%. In February 2019, retail inflation was at 2.57%.
The wholesale price index for food articles declined 3.7% due to lower prices of fruits and vegetables (14%), tea (8%), egg and maize (7% each), condiments and spices and bajra (4% each), gram and jowar (2% each) and fish-inland, pork, ragi, wheat, urad and masur (1% each).
However, there was an increase in prices of beef and buffalo meat and fish-marine (5% each), betel leaves (4%), moong and poultry chicken (3% each), mutton (2%) and barley, rajma and arhar (1% each).
According to data from the government, the index for 'Crude Petroleum & Natural Gas' group declined by 1.5% due to lower price of crude petroleum (2%).
Higher electricity prices pushed the index by 7.2% as compared to the previous month.
The index for 'Manufacture of Pharmaceuticals, Medicinal Chemical and Botanical Products' group rose by 2.0% due to higher price of anti-malarial drugs (9%), antidiabetic drug excluding insulin (i.e. tolbutam) (6%), anti-retroviral drugs for HIV treatment (5%), API& formulations of vitamins (4%), anti-inflammatory preparation (2%) and antioxidants, antipyretic, analgesic, anti-inflammatory formulations, anti-allergic drugs and antibiotics & preparations thereof (1% each).
However, there was a decline in the price of vials/ampoule, glass, empty or filled (4%) and plastic capsules (1%).
With IANS inputs