By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News, January 20, 2022
View on Mumbai, the hub of economic activity of India since the 1990s.
The annual rate of inflation based on all India Wholesale Price Index (WPI) number reached 4.95% (Provisional data) in December, 2022 (over December, 2021) against 5.85% recorded in November, 2022.
Decline in the rate of inflation in December is primarily due to fall in prices of food products, mineral oils, crude petroleum & natural gas, textiles and chemicals & chemical products. The index numbers and inflation rate for the last three months of all commodities and WPI components are given below:
The month over month change in WPI for the month of December, 2022 stood at (-)1.12% as compared to November, 2022. The monthly change in WPI in the last six-month is summarized below:
The World Bank has revised its 2022-23 GDP forecast upward to 6.9 percent from 6.5 percent (in October 2022), considering a strong outturn in India in the second quarter (July-September) of the 2022-23 financial year.
Read also : How to invest in gold
India holds in its central bank reserves 785 tons of gold (data of Q3 2022), after a purchase of 17.46 tons.
The yellow metal has always been a great hedge against inflation because it rises in price when the cost of living standards rises. Gold can store value efficiently, when paper currency loses purchasing power because of inflation.
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© Copyright 2023 – Swann Collins, investor, writer and consultant in international affairs.