India's Wholesale Price Index-based Inflation For October Eases To 8%

India's wholesale price index-based inflation for October fell to 8.39% on an annual basis, from 10% recorded in September and 13.83% in October 2021, provisional data from the Commerce Ministry showed on Monday.

"Decline in the rate of inflation in October, 2022 is primarily contributed by fall in the price of mineral oils, basic metals, fabricated metal products, except machinery and equipment; textiles; other non-metallic mineral products; minerals etc," the ministry said in a press release.

Most consumers are awaiting CPI inflation which is due later today. Inflation has been a problem for both developed and developing markets, where the central banks have raised interest rates constantly, a bid to tame inflation levels.